Insolvency information sheets
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 Australian Restructuring Insolvency & Turnaround Association (ARITA), the leading professional organisation in Australia for insolvency practitioners, endorses these publications and encourages its members to make their availability known to affected people.
You can download a copy of the following insolvency information sheets as PDF files:
- Insolvency: a glossary of terms [PDF] (INFO 41)
- Voluntary administration: a guide for creditors [PDF] (INFO 74)
- Voluntary administration: a guide for employees [PDF] (INFO 75)
- Liquidation: a guide for creditors [PDF] (INFO 45)
- Liquidation: a guide for employees [PDF] (INFO 46)
- Receivership: a guide for creditors [PDF] (INFO 54)
- Receivership: a guide for employees [PDF] (INFO 55)
- Insolvency: a guide for shareholders [PDF] (INFO 43)
- Insolvency: a guide for directors [PDF] (INFO 42)
- Independence of external administrators: a guide for creditors [PDF] (INFO 84)
- Approving fees: a guide for creditors [PDF] (INFO 85)
ASIC has also issued a list of these information sheets. ASIC asks practitioners to provide a copy of this list or of the relevant information sheet(s) to those affected by a company's insolvency.
The information sheets are also available from the ARITA website at www.arita.com.au. The ARITA website also contains the ARITA's Code of Professional Practice for Insolvency Professionals, which applies to ARITA members.
This is Information Sheet 39 (INFO 39). Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.