When a company goes into voluntary administration, there is a general moratorium on the enforcement of creditor claims. There are some exceptions, but the moratorium applies to all unsecured claims (i.e. bare debt claims where the creditor does not have any rights to collateral). The moratorium usually means that creditors will be limited to participating in the voluntary administration process and any returns will only be derived from a deed fund (through a deed of company arrangement) or, if the company goes into liquidation, through any dividend that ends up being paid to creditors at the end of the liquidation process. There is a low chance (overall) that either a deed fund or a liquidation process will deliver a substantial return to unsecured creditors; however, there are exceptions. A substantial return to creditors would occur when unsecured creditors receive more than 20% of the face value of their debt.