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Information Sheets

The information sheets below have been provided by the Australian Securities and Investments Commission.

 
Voluntary Administration: a guide for creditors

If a company is in financial difficulty, it can be put into Voluntary Administration.

This information sheet provides general information for unsecured creditors of companies in Voluntary Administration.

Voluntary Administration: a guide for employees

If a company is in financial difficulty, it can be put into Voluntary Administration.

This information sheet provides general information for employees of companies in Voluntary Administration. Employees should also read ASIC’s ‘Voluntary Administration: a guide for creditors’ information sheet.
Liquidation: A guide for creditors

If a company is in financial difficulty, its shareholders, creditors or the court can put the company into liquidation.

This information sheet provides general nformation for unsecured creditors of ompanies in liquidation.
Liquidation: A guide for employees

If a company is in financial difficulty, its shareholders, creditors or the court can put the company into liquidation.

This information sheet provides general information for employees of companies in liquidation. Employees should also read ASIC’s ‘Liquidation: a guide for creditors’ information sheet.
Receivership: A guide for creditors

If a company is in financial difficulty, a secured creditor or the court may put the company into receivership.

This information sheet provides general information for unsecured creditors of companies in receivership.
Receivership: A guide for employees

If a company is in financial difficulty, a secured creditor or the court may put the company into receivership.
This information sheet provides general information for employees of companies in receivership.

Employees should also read ASIC’s ‘Receivership: a guide for creditors’ information sheet.
General guides: A guide for shareholders

If a company is in financial difficulty, it can be put under the control of an independent external administrator. The role of the external administrator depends on the type of external administration.

This information sheet gives general information for shareholders on the three most common forms of external administration (liquidation, voluntary administration and receivership). Other forms of external administration are
beyond the scope of this information sheet.
General guides: A guide for directors

This information sheet provides general information on insolvency for directors whose companies are in financial
difficulty, or are insolvent, and includes information on the most common forms of external administration.

An insolvent company is one that is unable to pay all its debts when they fall due for payment. There are serious penalties for allowing your company to trade while insolvent. If your company is in financial difficulty, you should seek independent advice on your duties and the options available.
Glossary of terms

This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general guidance only. Many of the terms have a specific technical meaning in certain contexts that may not be covered here.
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