Letters of Voluntary Administration are crucial documents in English and Welsh insolvency proceedings, typically used when a company's directors recognize that their business is insolvent or likely to become insolvent. These letters formally initiate the administration process, providing protection from creditor actions while attempting to rescue the business or achieve better results than immediate liquidation. The document must include comprehensive details about the company's financial position, creditors, assets, and the proposed administrator's credentials. This process is governed by the Insolvency Act 1986 and must be prepared in accordance with strict regulatory requirements.
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1. Company Details: Full legal name, registration number, and registered office of the company
2. Declaration of Insolvency: Statement confirming the company's inability to pay debts
3. Administrator Details: Name, address, and qualifications of proposed administrator
4. Reasons for Administration: Explanation of why administration is necessary
5. Statement of Affairs: Overview of company's current financial position
1. Pre-existing Charges: Details of any floating charges, used when secured creditors exist
2. Group Company Information: Required when company is part of a larger corporate group
3. Employee Information: Include when significant workforce considerations exist
1. Statement of Affairs: Detailed financial position including assets and liabilities
2. List of Creditors: Complete list of all known creditors and amounts owed
3. Asset Schedule: Detailed inventory of company assets
4. Director's Statement: Sworn statement from directors regarding company affairs
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