|
Type of Appointment |
Terms |
Purpose |
|
CORPORATE INSOLVENCY
Governed by Corporations Act |
| Liquidation |
- Members Voluntary
- Creditors Voluntary
- Court (Compulsory)
- Provisional
|
Liquidator, Winding Up, In Liquidation |
Realize the assets
Recover any transactions that gave an unfair advantage.
Distribute the proceeds between the creditors in accordance with law and return surplus to shareholders |
| Receivership |
|
|
Receiver and Manager,
Receivership,
Mortgage Debenture,
Registered Charge,
Secured Creditor / Charge Holder,
Mortgagee,
Mortgagee In Possession,
Controller or Managing Controller. |
Realize the assets, which are subject to security.
Pay out the proceeds of the realization to the secured creditor subject to limited priority creditors |
| Voluntary Administration |
- Administration
- Deed of Company Arrangement
|
Administrator
Deed Administrator |
Where possible to develop an arrangement between the company and its creditors so that the business can continue and / or creditors receive the highest possible return. |
| Schemes of Arrangements and Reconstructions |
|
|
Scheme Administrator |
An arrangement to assist in the reconstruction of the company with the approval of the creditors, shareholders and the Court. |
|
For further information see these links
www.asic.gov.au
www.ipaa.com.au |
|
INDIVIDUAL INSOLVENCY
Governed by Bankruptcy Act |
| Bankruptcy |
- Individuals
- Deceased Persons
- Joint Estates (partnerships & joint debts)
|
Bankrupt
Bankrupt Estate(s)
Sequestration
Trustee |
Realize the assets of the individual.
Recover any transactions that gave an unfair advantage.
Distribute the proceeds between the creditors in accordance with the law. |
| Part X Arrangements |
- Personal Insolvency Agreement
|
Debtor
Estate of
Part X
Controlling Trustee
Trustees |
To enable the debtor (an insolvent person) affairs to be dealt with in a way that avoids bankruptcy and provides a better outcome for creditors. |
| Part IX Debt Agreements |
|
|
Part IX
Small Estates |
Convenient and cost effective means of an insolvent person with few assets and liabilities to deal with their financial position. |
|
For further information see these links
www.asic.gov.au
www.ipaa.com.au |
