A Deed of Company Arrangement (“DOCA”) arises out of a Voluntary Administration and its objective is to allow a company to continue in existence or if that is not possible to provide a greater return to creditors.
Following the acceptance of a DOCA by creditors and upon the execution of the Deed, the company reverts back to its directors and creditors are bound by its terms and are unable to seek remedy from the company for debts incurred prior to the commencement of the DOCA.
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Benefits of a DOCA include:
A greater return to creditors than if the company was wound up.
Control of the company returns to directors of the company.
The directors are bound by the terms of the DOCA and should they fail to comply the company will usually be wound up.
Contact Artemis Insolvency for any queries regarding a Deed of Company Arrangement.