Information guides

Corporate Insolvency – ASIC Publications

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.

[ceres_icon_list heading_text=”You can download a copy of the following insolvency information sheets as PDF files:”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Insolvency: a glossary of terms” link_url=”url:%2Fwp-content%2Fuploads%2F01-ASIC_Insolvency_glossary.pdf|title:Insolvency%3A%20a%20glossary%20of%20terms|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Insolvency and Consumer rights” link_url=”url:%2Fwp-content%2Fuploads%2F02-ASIC-Insolvency-and-consumer-rights.pdf|title:Insolvency%20and%20Consumer%20rights|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Approving fees: a guide for creditors” link_url=”url:%2Fwp-content%2Fuploads%2F02-Approving_fees_guide_for_creditors.pdf|title:Approving%20fees%3A%20a%20guide%20for%20creditors|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Independence of external administrators: a guide for creditors” link_url=”url:%2Fwp-content%2Fuploads%2F03-Independence_external_administrators_guide_for_creditors.pdf|title:Independence%20of%20external%20administrators%3A%20a%20guide%20for%20creditors|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Insolvency: a guide for directors” link_url=”url:%2Fwp-content%2Fuploads%2FA_insolvency_guide_for_directors_amended-aug-2015.pdf|title:Insolvency%3A%20a%20guide%20for%20directors|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Insolvency: a guide for shareholders” link_url=”url:%2Fwp-content%2Fuploads%2F05-Insolvency_guide_for_shareholders.pdf|title:Insolvency%3A%20a%20guide%20for%20shareholders|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Receivership: a guide for employees” link_url=”url:%2Fwp-content%2Fuploads%2F06-Receivership_guide_for_employees.pdf|title:Receivership%3A%20a%20guide%20for%20employees|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Receivership: a guide for creditors” link_url=”url:%2Fwp-content%2Fuploads%2F07-Receivership_guide_for_creditors.pdf|title:Receivership%3A%20a%20guide%20for%20creditors|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Liquidation: a guide for employees” link_url=”url:%2Fwp-content%2Fuploads%2F08-ASIC_Liquidation_guide_for_employees.pdf|title:Liquidation%3A%20a%20guide%20for%20employees|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Liquidation: a guide for creditors” link_url=”url:%2Fwp-content%2Fuploads%2F09-ASIC_Liquidation_guide_for_creditors.pdf|title:Liquidation%3A%20a%20guide%20for%20creditors|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Voluntary administration: a guide for employees” link_url=”url:%2Fwp-content%2Fuploads%2F10-ASIC_Voluntary_administration_guide_for_employees.pdf|title:Voluntary%20administration%3A%20a%20guide%20for%20employees|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Voluntary administration: a guide for creditors” link_url=”url:%2Fwp-content%2Fuploads%2F11-ASIC_Voluntary_administration_guide_for_creditors.pdf|title:Voluntary%20administration%3A%20a%20guide%20for%20creditors|target:%20_blank”][/ceres_icon_list]

Personal Insolvency – AFSA and ASIC publications

The Australian Financial Security Authority (AFSA) website has numerous information sheets, forms and 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.

The AFSA website also has information sheets, forms (with instruction) 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.

[ceres_icon_list heading_text=”The following is a selection of the most relevant information sheets and forms:”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Bankruptcy and Personal Insolvency Agreements” link_url=”url:%2Fwp-content%2Fuploads%2F1_Bankruptcy-and-personal-insolvency-agreements-.pdf|title:Bankruptcy%20and%20Personal%20Insolvency%20Agreements|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”What is bankruptcy” link_url=”url:%2Fwp-content%2Fuploads%2F2_what-is-bankruptcy.pdf|title:What%20is%20bankruptcy|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Options for dealing with unmanageable debt” link_url=”url:%2Fwp-content%2Fuploads%2F3_options-for-dealing-with-unmanageable-debt.pdf|title:Options%20for%20dealing%20with%20unmanageable%20debt|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Comparison of formal options” link_url=”url:%2Fwp-content%2Fuploads%2F4_comparison-of-formal-options.pdf|title:Comparison%20of%20formal%20options|”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Informal options” link_url=”url:%2Fwp-content%2Fuploads%2F5_informal-options.pdf|title:Informal%20options|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Personal insolvency information for debtors” link_url=”url:%2Fwp-content%2Fuploads%2F6_Personal-Insolvency-Information-for-Debtors.pdf|title:Personal%20insolvency%20information%20for%20debtors|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Debtors information” link_url=”url:%2Fwp-content%2Fuploads%2F7_debtors-information.pdf|title:Debtors%20information|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Creditors information” link_url=”url:%2Fwp-content%2Fuploads%2F8_creditors-information.pdf|title:Creditors%20information|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Bankruptcy by sequestration order information” link_url=”url:%2Fwp-content%2Fuploads%2F9_Bankruptcy-by-sequestration-order.pdf|title:Bankruptcy%20by%20sequestration%20order%20information|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”Personal insolvency agreements overview” link_url=”url:%2Fwp-content%2Fuploads%2F10_personal-insolvency-agreements-overview.pdf|title:Personal%20insolvency%20agreements%20overview|target:%20_blank”][ceres_icon_list_item icon=”fa-file-pdf-o” label=”What happens at the end of a bankruptcy” link_url=”url:%2Fwp-content%2Fuploads%2F11_Bankruptcy-end.pdf|title:What%20happens%20at%20the%20end%20of%20a%20bankruptcy|target:%20_blank”][/ceres_icon_list]