Originally Posted by
non_state_actor
Interestingly the AFR reports that Virgin will stay in Voluntary Administration until the end of October.
That should come as no surprise. It was addressed quite specifically in the Creditors Report (page 14)
21. What happens next if the DOCAs are approved at the meeting?
If creditors vote for the proposals that the Companies enter into DOCAs, the Companies must sign the deed within 15 business days of the creditors’ meeting, unless the Court allows a longer time. If this doesn’t happen, the Companies will automatically go into liquidation, with the voluntary administrator becoming the liquidator.
The DOCAs are expected to complete on or before 31 October 2020. The Voluntary Administrators will remain in control of the Group (as Deed Administrators) while it is under the DOCAs. Once the conditions precedent to completion of the DOCAs have been met, the DOCAs will be finalised and control of the Group will be handed to Bain. The claims of eligible creditors who are owed money will be transferred into a Creditors’ Trust. It is our intention to pay a distribution to creditors from the Creditors’ Trust between six and nine months from the commencement of the Creditors’ Trust. Further information on the DOCAs and Creditors’ Trust are contained at sections 9 and 10.