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ASIC Publications — Corporate Insolvency
ASIC has 11 insolvency information sheets to assist you if you’re affected by a company’s insolvency and have little or no knowledge of what’s involved.
These plain language information sheets give directors, employees, creditors and shareholders a basic understanding of the three most common company insolvency procedures—liquidation, voluntary administration and receivership. There is an information sheet on the independence of external administrators and one that explains the process for approving the fees of external administrators. A glossary of commonly used insolvency terms is also provided.
The Insolvency Practitioners Association (IPA), the leading professional organisation in Australia for insolvency practitioners, endorses these publications and encourages its members to make their availability known to affected people.For more information, please visit the ASIC website.
You can download a copy of the following insolvency information sheets as PDF files:
- Insolvency: a glossary of terms
- Insolvency and Consumer rights
- Approving fees: a guide for creditors
- Independence of external administrators: a guide for creditors
- Insolvency: a guide for directors
- Insolvency: a guide for shareholders
- Receivership: a guide for employees
- Receivership: a guide for creditors
- Liquidation: a guide for employees
- Liquidation: a guide for creditors
- Voluntary administration: a guide for employees
- Voluntary administration: a guide for creditors
ASIC Publications — Personal InsolvencyThe ITSA website has numerous information sheets, forms (& instructions on how to complete them) to assist people (“debtors”) who are encountering financial hardship. These plain language information sheets provide debtors with an explanation of the options available to them to deal with the burden of unmanageable debts but still maintain a reasonable life style.
Where a debtor wants to stop a garnishee on their wages and/or stop the Sheriff seizing the property, they can obtain temporary relief for 21 days via ITSA to allow them to properly consider their best option. In some cases, the debtor can avoid bankruptcy or a formal arrangement under the Bankruptcy Act, by entering into an informal agreement with their creditors. In other cases, the debtor can avoid becoming bankrupt by entering into a formal agreement with creditors under the Bankruptcy Act. In the remainder of cases, the person can not avoid becoming bankrupt but generally, they will find that bankruptcy provides more advantages than disadvantages.
The ITSA website also has information sheets, forms (& instructions on how to complete them) to assist creditors who either wish to make one of their debtors bankrupt and/or participate in the administration of the estate of one of their insolvent debtors. The following is a selection of the most relevant information sheets and forms:
- Bankruptcy and Personal Insolvency Agreements
- Comparison of debtor options
- Personal Insolvency Information
- Options for dealing with unmanageable debt
ITSA Publications — BankruptcyBankruptcy
- What is Bankruptcy
- Bankrupt made by creditors sequestration order
- Bankrupty by sequestration order information
- Debtors Petition
- Information Sheet for Hardship claims
- Information and instructions for completing forms for Bankruptcy
- Prescribed Information
- What happens at the end of a Bankruptcy