Tailwheel, my concern is that the Administrator could, perhaps, mail us with details of a meeting, but time the mail-out so that by the time we receive it, the meeting is over. I have seen this done before.
After all, we are dealing with a company so disorganised and devious that they can't/won't send us our payslips.
The Administrator, however appointed, is bound to act in accordance with company and insolvency law. He is there
solely to protect the creditor's interests and ensure equitable distribution of the company assets in accordance with priority. He may take direction from the company creditors or if required, form a creditors management committee or committee of inspection.
The Administrator is entitled to investigate the activities of the company and activities of the Directors in respect to company assets prior to Administration. He may require preferential payments (past transactions) made by the company prior to Administration, be undone and/or disgorged by the recipient(s).
The Administrator may recommend or initiate legal action against the Directors and Officers, if appropriate.
The Administrator may be removed or replaced by a decision of a majority (by number and value) of creditors.
An insolvency regime is a necessary part of the legal system in a capitalist economy. That is because a means is needed for dealing with businesses that fail, and individuals who cannot pay their debts. An insolvency regime is required to ensure that in those circumstances the insufficiency of assets is equitably distributed amongst the creditors. To ensure equitable distribution, liquidators and trustees in bankruptcy are given powers to enforce claims to assets and undo past transactions.
Insolvencies often raise legal, practical and theoretical questions of considerable interest, which are by no means confined to a narrow concept of 'insolvency' itself.
ASIC: Reforms in Insolvency Laws.
Corporations Amendment (Insolvency) Act 2007.
Reading this thread, perhaps someone should seek independant advice, as my comments appear to be falling on deaf ears! I'm really
here!
Disclaimer: As a Moderator I can not and will not express a personal opinion on the company or the actions of it's officers. My comments are strictly what I believe creditors rights may be in the event of a company being placed into external Administration and should be verified independently with a competent and qualified authority.