Why 80% of Voluntary Administrations Return Nothing to Unsecured Creditors

Brendan Richards of Rebound Advisory argues that more than 80% of Australian voluntary administrations deliver nil returns to unsecured creditors because advisers are commonly appointed too late, the appointment itself often destroys going-concern value, costs and statutory priorities consume recoveries, and advisers too readily default to formal insolvency instead of earlier, lower-cost informal restructurings where the core business remains viable.

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