Deloitte has been appointed the voluntary administrator of Babcock & Brown.
The decision follows a vote against the restructure of Babcock & Brown's subordinated notes by New Zealand noteholders today.
As a result of the decision, the directors of the company decided Babcock & Brown will become insolvent.
"As voluntary administrators, our responsibilities are to creditors and noteholders," Deloitte Corporate Reorganisation Group partner David Lombe said.
"As such we will undertake to investigate the company and all its affairs thoroughly, and will provide our findings to creditors in our report."
The company's first meeting of creditors will be held on 25 March 2009 in Australia and New Zealand.
