Restructuring & Turnaround
Voluntary Administration
A structured path to preserve value and restore solvency.
Restructuring & Turnaround
Decisive counsel for businesses facing financial and operational distress.
Overview
How we help.
Voluntary administration is the most commonly used formal restructuring tool in Australia — and when used correctly, one of the most powerful. The moratorium on creditor action gives the administrator and the directors breathing space to assess the business, engage with creditors, and put forward a Deed of Company Arrangement that delivers a better outcome than liquidation.
Corson Fiske acts as voluntary administrator, adviser to directors contemplating VA, and adviser to creditors navigating a process. Our approach emphasises preparation: the VA process moves very quickly once appointments are made, and the quality of the outcome is usually determined by decisions taken before the first meeting.
We understand the commercial dynamics of DOCA negotiations, the creditor expectations that need to be managed, and the operational realities of running a business under administration. Our partners have delivered successful VA outcomes across industries and deal sizes.
Capabilities
- Pre-appointment advisory and strategy
- Administrator appointment and transition
- Investigation and report to creditors
- DOCA structuring and proposal
- Creditor engagement and voting management
- Trading through administration
- Transaction support where a sale is proposed
- DOCA implementation and completion
Client Situations
When clients engage us.
The issues that bring clients through our door tend to fall into familiar patterns.
Directors are considering appointment
The position has deteriorated and VA is being contemplated. We provide pre-appointment advice on whether and when.
A DOCA is being structured
A VA is underway and the directors or a proponent are developing a DOCA proposal that will deliver a better return than liquidation.
A creditor needs to respond to a VA
A significant creditor is trying to understand its position and options in a VA process.
A sale-of-business is proposed
The realistic outcome is a sale of the business to a new entity, coordinated through a DOCA or asset sale.
A bank has appointed an investigating accountant
A senior lender has commissioned an independent business review. The directors need parallel counsel to ensure their position is protected through the review and any subsequent process.
An earlier advisor has lost the confidence of the board
The company has been working with another advisor but the directors have lost confidence in either the advice or the approach. Second opinions are needed quickly.
Outcomes
What you can expect.
- A VA process that preserves business value
- A DOCA proposal that attracts creditor support
- Stakeholder communications that avoid unnecessary damage
- Implementation that delivers the promised returns
Process Guide
The Voluntary Administration Process Explained
Voluntary administration is the most widely used formal restructuring tool in Australia. It is designed to provide a moratorium on creditor action while an independent administrator investigates the company’s affairs, develops a proposal for creditors and supervises a controlled process. The objective is either to rescue the company as a going concern through a Deed of Company Arrangement (DOCA) or — where that is not possible — to deliver a better return to creditors than immediate liquidation.
VA is commenced by a resolution of directors that the company is insolvent or likely to become insolvent, and that an administrator should be appointed. Once the appointment is made, directors lose control of the company and the administrator takes over. Trading may continue under the administrator’s supervision.
The process, step by step
Step 01
Appointment and Moratorium
Directors resolve to appoint an administrator. The moratorium applies immediately, preventing most creditor enforcement action. The administrator takes control of the company and its assets.
Step 02
First Meeting of Creditors (within 8 business days)
The administrator convenes a first meeting of creditors, where creditors may confirm the administrator, appoint a committee of inspection, and receive initial information about the company’s position.
Step 03
Investigation Period
The administrator investigates the company’s affairs, including its solvency, transactions prior to the appointment, potential voidable transaction claims and the viability of any restructuring proposal. This typically takes 20-25 business days.
Step 04
Second Meeting of Creditors
At the second meeting, creditors receive the administrator’s report and vote on the company’s future. There are three possible outcomes: execute a DOCA, end the administration, or place the company into liquidation. DOCA acceptance requires a majority in both number and value of creditors voting.
Step 05
DOCA Implementation (if approved)
If a DOCA is approved, the company is bound by its terms. The DOCA may provide for creditor payments over time, a sale of business, a debt-for-equity arrangement or other outcomes. The deed administrator oversees implementation.
Director Risk
What directors need to understand.
For directors, voluntary administration carries significant risks that need to be understood before appointment. Personal exposure for insolvent trading under s 588G of the Corporations Act can arise for debts incurred before administration if the company was already insolvent. Director Penalty Notices from the ATO are not compromised by VA and remain personal liabilities. Personal guarantees to lenders, landlords and trade creditors survive the VA. The administrator may investigate director conduct, including voidable transactions and breaches of duty, potentially leading to recovery claims. And the reputational consequences — both personal and commercial — of a formal appointment can be substantial.
How Corson Fiske Helps
Independent counsel for the director — not the company, not the creditors.
Corson Fiske advises directors before voluntary administration is contemplated, during the decision-making process, and throughout the administration itself where independent counsel is required. We help directors understand the realistic outcomes of VA compared to alternatives such as safe harbour, SBR, informal workout or direct lender negotiation. We prepare directors for administrator examinations, advise on DOCA structuring where directors are proposing one, manage parallel personal guarantee and DPN exposure, and protect director positions where the administrator’s investigation creates conflict. Importantly, because we are independent of any formal appointment, we can work alongside or ahead of a VA without the conflicts that prevent liquidators from acting in the same space.
Client Success
Outcomes from recent engagements.
Indicative results from engagements within this practice area. Client details have been anonymised; outcomes reflect actual matters completed by the firm.
$42M
Debt Restructured
Consensual debt restructure
Negotiated a multi-lender standstill and amendment-and-extension for a manufacturing group facing covenant breach, preserving trading operations and avoiding voluntary administration.
Manufacturing group, NSW
18 days
From Brief to DOCA
Accelerated DOCA
Advised directors of a distressed professional services firm through a compressed 18-day process to a creditor-accepted Deed of Company Arrangement.
Professional services, VIC
92%
Creditor Support
Safe harbour to refinance
Supported directors through a six-month safe harbour engagement ending in a complete refinancing with 92% creditor support for the transition plan.
Retail group, QLD
Why Corson Fiske
Experience where it counts.
Clients engage Corson Fiske because they need advice they can act on — delivered by senior practitioners who understand both the technical detail and the commercial consequences. Every engagement is led by a partner with direct experience in voluntary administration and DOCA outcomes.
Our integrated structure means tax, legal, accounting and advisory questions are resolved within a single firm. For clients operating across Australia, Asia, New Zealand or Asia, our office network in Sydney, Melbourne, Perth, Singapore and Auckland provides consistent advice across jurisdictions.
Our Approach
A refined four-phase method for every engagement.
Corson Fiske applies the same disciplined framework to every matter, regardless of scale. The phases below are not a marketing device — they are the actual structure our partners use to move clients from uncertainty to resolution.
Phase One
01
Understand
A confidential partner-led briefing to establish the facts, commercial drivers, timing pressures and stakeholder dynamics.
- Confidential scoping conversation
- Document and data review
- Stakeholder mapping
- Initial risk identification
Phase Two
02
Analyse
Structured technical and commercial analysis of every realistic option, with a clear view of risks, costs and likely outcomes.
- Technical legal and tax analysis
- Commercial modelling
- Risk-weighted options assessment
- Precedent and market benchmarking
Phase Three
03
Recommend
A written partner recommendation in plain English — not a list of caveats. We stand behind our advice and explain our reasoning.
- Clear written recommendation
- Implementation sequencing
- Stakeholder communication plan
- Contingency and fallback positions
Phase Four
04
Execute
Hands-on delivery of the agreed plan with partner oversight, regular milestone reporting and clear handback at completion.
- Implementation leadership
- Stakeholder engagement
- Milestone tracking and reporting
- Completion review and handback
Key Considerations
What clients need to know.
Engaging external advisors on any significant matter raises practical questions about scope, timing, cost and outcomes. We believe in being straightforward about each of these from the first conversation.
How engagements typically begin
Every engagement starts with a confidential initial conversation — usually 30 to 60 minutes — in which we listen to the situation, ask the questions needed to understand it properly, and share a view on whether and how we can help. There is no charge for this conversation and no obligation to proceed.
How we scope and price work
We prefer fixed-fee or capped-fee arrangements wherever the scope allows. Where the scope is genuinely uncertain — as in contested matters — we agree hourly rates upfront and provide regular fee updates against defined phases. We do not bill for internal discussions, file opening or routine administration.
Who you will work with
Every engagement is led by a partner with direct experience in the matter type. That partner remains your primary point of contact throughout. Specialist colleagues join the team where their expertise is required, but you will never be passed from person to person or find the partner you hired is no longer on the file.
How we handle confidentiality and privilege
All engagements are subject to strict confidentiality. Where legal advice is being delivered, it is provided through our incorporated legal practice and attracts legal professional privilege. We take document security, information handling and communications discipline seriously on every matter.
Get the right advice from Corson Fiske.
Confidential, no-obligation initial consultations with a partner who specialises in voluntary administration and DOCA outcomes.