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.
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.