There is no set period of time for a voluntary administration, although it usually lasts about six to eight weeks.
The voluntary administrator must hold the first creditors meeting within eight business days of being appointed. At this meeting, the creditors vote on two questions – whether to retain the voluntary administrator and whether to form a committee of inspection.
The voluntary administrator must hold the second creditors meeting within 25 business days of being appointed. At this meeting, the creditors decide whether to return the company to the control of the directors, approve a deed of company arrangement or put the company in liquidation.
The voluntary administration ends as soon as one of these three steps is finalised. With a deed of company arrangement, the company has up to 15 business days to sign the contract.
In certain circumstances, the court might allow creditors meetings to be held later than the usual deadlines, which could delay the voluntary administration process. The voluntary administrator can also adjourn the second meeting.