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Media Reflection Assignment Overview

   

Added on  2021-05-31

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Media Reflection Assignment
Media Reflection Assignment Overview_1
SummaryRed Lea Group of companies was established in Blacktown in 1957 in Western Sydney by animmigrant from Croatia, John Velcich. According to the news article by Chung (2018), it wasput into voluntary administration on 29th March, 2018. The administrators McGrath Nicolstated in an interview for Red Lea website that because of the economic position of thecompanies, the administrators were not able to operate the business and had no other optionrather than carrying out a systematic winding-down of the operations. Hundreds ofemployees were informed that they will no longer have jobs in a 60 year old takeawaychicken brand[CITATION Emm18 \l 1033 ]. Article AnalysisIf a company is in economiccomplexity, it can be placed into voluntary administration. Themain aim of the voluntary administration is to determine the future initiatives need to betaken by the company quickly, for which, independent and suitably qualified person isauthorized as voluntary administrator to take full control of the company in order to find away to protect either the company or its business [ CITATION ASI17 \l 1033 ]. In case,neither is possible, the objective is to manage the relationships of the company in a manner soas to provide better returns to the creditors than what they would receive in case ofliquidation of company. The mechanism for achieving such aims is considered as a deed ofcompany arrangement. In case of Red Lea Group, the administrators were appointed pursuant to a resolution of soledirector of each company Mr. Assad Asif. The administrators conducted the first meeting ofthe creditors on 12th April, 2018, wherein, a resolution was passed to form an inspectioncommittee. The assembling period for next meeting of the creditor companies was to beorganized on 7th May, 2018 but the administrators wanted an extension of the convening
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