What do directors do during a voluntary administration?

During a voluntary administration, the directors of the company in administration have no say in the running of the company – they must surrender control of the company to the voluntary administrator.

The directors must surrender the company’s books and records to the voluntary administrator and must respond to all reasonable requests for help.

The directors must prepare a report as to affairs for the voluntary administrator within five days (or such longer period as the administrator allows) of the company entering voluntary administration. The report as to affairs should provide an estimate of the company’s assets (such as debts owed to the company, cash, stock, work in progress, plant and equipment) and liabilities (such as debts owed by the company, employee entitlements, bills and taxes).