The Australian Securities and Investments Commission (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.
Hamilton Murphy is a member of ARITA, the Australian Restructuring, Insolvency and Turnaround Association. For more information, visit the ARITA website:
The Australian Government provides financial assistance to cover certain unpaid employment entitlements to eligible employees who lose their job due to the liquidation or bankruptcy of their employer. This help is available through the Fair Entitlements Guarantee (FEG). Fair Entitlements Guarantee (FEG) is a legislative safety net scheme of last resort with assistance available for eligible employees.
AFSA manage the applications of bankruptcy and personal property securities laws.
AFSA Website – https://www.afsa.gov.au/insolvency
Debtor Information Pack – https://www.afsa.gov.au/sites/default/files/forms/debtorpack-1115-re-8.pdf?acsf_files_redirect
Personal Insolvency Information for Debtors – https://www.afsa.gov.au/sites/default/files/forms/personal_insolvency_information_booklet_for_debtors.pdf?acsf_files_redirect