1.1. Objects of Voluntary Administration
The objectives of the VA is first to provide for the business, property and affairs of the company to be administered in such a way that gives the company and/or its business the opportunity to continue in existence. Secondly, if it is impossible to save the business or company, the VA will help in getting, at least, a better return for the company’s creditors or shareholders.
This statement of objectives in express form will help both the court to interpret any litigation under Sub-Part IV of the Act and the administrator appointed in reading into their duties.
The first objectives aim to preserve employment, creditors and shareholders interest as when the business is saves and employment preserved; this provide an opportunity to revamp the company’s activities to repay creditor’s debts and to achieve higher returns to shareholders. The second objective
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However, this route is restricted if the company is already in liquidation .
The procedure is into two phases. In the first phase, an administrator is appointed to run the company’s affairs but also to investigate the financial state of the company and to report the findings to the creditors along with recommendations.
In the second phase, if the deed of arrangement is approved, the company will then be administered under the terms of the deed as discussed previously in chapter one.
The administrator appointed has to call for a meeting within 10 days after the commencement of the administrations, and notify all creditors through written notice and newspapers within 6 before the date of the meeting . This meeting will decide whether a creditors’ committee will be appointed . The creditors’ committee consists of creditors and whose function is to monitor the activities of the administration . This meeting will also decide if a new administrator is to be
The mission statement of the U.S. Department of Veteran Affairs (VA) is, “To fulfill President Lincoln's promise ‘To care for him who shall have borne the battle, and for his widow, and his orphan’ by serving and honoring the men and women who are America’s vete...
Riordan has identified criteria in four areas that define the company’s mission statement. First, the company focus is to have attitudes and abilities that exceed industry standards to provide solutions for customer’s challenges and lead the industry in Research and Development. Second, the mission for customer relationships is to be a solution for the customer, maintain quality, innovation, and customer service at a reasonable price. Third, to ensure the long-term viability of the company, the mission to the employees is to have an innovative and team oriented working environment, in addition to keeping the employees informed and supported. Lastly, the future of the company depends on maintaining profitability to allow growth in the company (Apollo Group, 2004).
likewise the general manager will have the authority over the managers of each department. Also, written documents and weekly meetings between departmans managers and employees.
The Contract Administrator provides analytical and specialized administrative support on a daily basis to the assigned team(s). The incumbent’s primary responsibilities include
Most companies’ primary goal is to maximise profit in order to remain competitive in the market. The concern usually arises in the measures and approaches companies take to achieve that goal and how it will benefit in the short-term and long-term process. (Eccles, 2011)
The first chapter in this book explains a business’ mission and values. When discussing the mission, Welch states that in order to create an effective mission statement, one must explain how they intend to win in that particular business. The key is profitability, “Delineate their strengths and weaknesses in order to assess when they can profitably play in the competitive landscape,” (Welch, 15). This means to define the business’ strong and weak points to evaluate where they can efficiently and profitably fit within that specific business sector’s scheme. In order to come up with the mission, one can receive input from any source, but one should especially listen to the intelligent ones from all of the different sectors. Although, it is the responsibility of the top management or whoever is held responsible for it, to put it in place, it is their “defining moment,” (Welch, 17). The mission is what a business plans to do to win and values are ...
Formal corporate bankruptcy proceedings generally take on two distinct forms: Chapter 7 (liquidation) and Chapter 11 (reorganization). Under Chapter 7 liquidation, the firm is shut down by a court-appointed trustee, and the firm’s assets are liquidated and the proceeds distributed in accordance with the absolute priority rule. Chapter 7 is also referred to as a “cash auction” procedure. In Chapter 11, an organization remains in control of its business operations (known as a ‘going-concern’), but is subject to the oversight of the bankruptcy courts.
We probably all agree that the primary objective of any business is to achieve revenue and attain a certain profit. But then here is the question that we might ask, is profit the only element that should be considered when making business decisions? In my point of view the answer is no as I will try to demonstrate throughout this paper. One quick alternative of what should be the first top priority of a business is creating a customer as Dr.Peter Drucker said. According to him “The customer is the foundation of a business and keeps it in existence. He alone gives employment. To supply the wants and needs of a consumer, society entrusts wealth-producing resources to the business enterprise.” (Santayana, George. Is The Tyranny Of Shareholder Value Finally Ending? )
Property described in any subparagraph of section 168 (g)(4) shall be treated as used predominantly in the United States.
The VA (Veterans Affair) Health Care System is one of the largest, most advanced health care networks in the U.S. The VA Health Care System is the provider for veterans, retirees and their dependents and manages all their health care. The VA Health Care is actually one part of the Department of Veterans Affairs. There is also VA Benefits Administration which has to do with compensations and pensions. Then the other part of the VA is the National Cemetery Administration which is in charge of the cemeteries and providing burial and memorial benefits. All these parts make up the Department of Veterans Affairs. (VA History)
Prior to the winding-up of an insolvent company, its creditors may individually enforce any measure available to them in order to obtain payment of the debt owed to them by such company. However, upon the opening of the winding-up proceedings these individual actions are replaced by a collective insolvency regime which attempts to ensure the rateable and equitable distribution of the assets of the insolvent company among its creditors. This distribution is known as pari passu distribution.
A finding of insolvency is imperative, as specific rights are empowered for the creditor to exercise against the insolvent individual or organization. For example, exceptional debts may be paid off by dissolving assets of the insolvent party. Prior to proceedings, it is common for the insolvent entity to meet with the creditor in order to attempt to arrange a substitutable payment method.
The process of risk management, retirement process in this company and there are various processes to recruit new staff. They also control the onsite process of construction. Because they are very big company in the market, there are many ongoing processes regarding marketing and planning are going within the
The role and responsibilities of the audit committee is usually to review and make recommendations to the bo...
In order to achieve the objectives listed, Employment, Inc has taken on a number of initiatives including: