Insolvency forms - 2020 Streamlined external administrations changes

New approved forms from 1 January 2021

Form Code

Form Description

Status

Legislative Reference

Lodgement Method

5608

Notice of ending of restructuring

Available

s453J, s457A

Reg 5.3B.02, 5.3B.20, 5.3B.51, 5.3B.53

Registered Liquidator Portal(Transaction EX05)

5610

Notice of termination of restructuring plan

Available

s457A

Reg 5.3B.57

Registered Liquidator Portal(Transaction EX06)

5611

Notice of adoption or ceasing simplified liquidation process

Available

s500, s500AC

Reg 5.5.06, 5.5.07, 5.5.08

Registered Liquidator Portal (Transaction EX08)

5612

Notice of making of restructuring plan

Available

Reg 5.3B.55

Registered Liquidator Portal(Transaction EX09)

5613

Notice of reasons for forming suspicion under section 458H

Available

s458H(d)

Registered Liquidator Portal(Transaction
EX04
)

5614

Copies of restructuring documents given to affected creditors

Available

Reg 5.3B.52

Registered Liquidator Portal(Transaction
EX04
)

5615

Notice from directors of appointment of external administrators

Available

Reg 5.3B.47(2)

Registered Liquidator Portal (Transaction
EX04
)

5616

Notice of contravention or likely contravention of the restructuring plan

Temporarily paper only

Reg 5.3B.56(b)

Registered Liquidator Portal (Transaction EX04)

5617

Terms of court order in relation to creditor disputes

Available

Reg 5.3B.60(3)

Registered Liquidator Portal(Transaction
EX04
)

5618

Notice of extension of proposal period

Available

Reg 5.3B.17(5)

Registered Liquidator Portal(Transaction EX04)

EX07

Temporary restructuring relief documents

Available

s458E, s458F, s458G

Company and Registered Agents' Portal

5701

Declaration of eligibility for temporary relief (initial and extended relief)

Available

s458E

Template only

Lodged via Form EX07

5702

Declaration company not eligible for temporary restructuring relief

Available

s458F

Template only

Lodged via Form EX07

5703

Declaration company not to be treated as eligible for temporary restructuring relief

Available

s458F

Template only

Lodged via Form EX07

5704

Court order -not eligible for temporary restructuring relief

Available

s458G

Lodged via Form EX07

N/A

Directors’declaration of eligibility to be under restructuring

Available

Reg 5.3B.49

N/A

N/A

Restructuring plan

Available

Reg 5.3B.15

N/A

N/A

Restructuring proposal statement

Available

Reg 5.3B.16

N/A

N/A

Directors’ declaration of eligibility for simplified liquidation process

Available

s498, s500AA
Reg 5.5.02
Reg 5.5.06

This declaration is lodged as part of Transaction
EX08

N/A

Notice by registered liquidator under section 458H of the Corporations
Act 2001 of reasons for forming either or both of the suspicions mentioned in
458H(b) of the Corporations Act 2001

Under development

s458H

Template only

Ongoing approved forms updated

Form Code

Form Description

Status

Legislative Reference

Lodgement Method

5022

Outcome of proposal to creditors or contributories without a meeting

Updated

IPR 75-130, 75-135

Registered Liquidator Portal

505

Notification of appointment or cessation of an external administrator

Updated

s415(1), s427(2), s427(4), s450A(1)(a), s457A, s499(2C)(a), s499(2C)(b), s537(1) & (2)

Reg 5.3A.03, 5.3B.50 5.3B.51 5.3B.54 5.3B.58

Registered Liquidator Portal

Company and Registered Agents' Portal (limited   circumstances)

506

Notification of change of address of an external administrator

Updated

s427(3), s537(1)

Reg 5.3A.04

Registered Liquidator Portal

531

Copy of declaration of relevant relationships and/or declaration of indemnities

Updated

s436DA(4A) & (6A), s449CA(4A) & (6A), s453D(3) & (6), s456F(4) & (6), s506A(3) & (6)

IPR 90-18(2)(b) & (4)(d)

Reg 5.3B.35(4), 5.3B.36(3)

Registered Liquidator Portal

5601

Statutory report by a liquidator

Updated

IPR 70-40

Registered Liquidator Portal

5602

Annual Administration Return

Updated

s411(9),s422A
Schedule 2 - s70-5

Registered Liquidator Portal

5603

End of Administration Return

Updated

s411(9)(a), s422B
  Schedule 2 -s70-6

Registered Liquidator Portal

908

Annual liquidator return

Updated

Schedule 2 s30-1

Registered Liquidator Portal

903B

Application for registration as a liquidator

Updated

Schedule 2 s20-5

Details on ASIC website

Email / Paper

RL05

Application for renewal of registration by a registered liquidator

Under development

Schedule 2 s20-70(2)

Registered Liquidator Portal

RL06

Application to remove or vary conditions or lift or shorten suspension

Under development

Schedule 2 s20-40, s40-70

Email / Paper

New and updated Published Notices Website notices from 1 January 2021

Notice Description

New or Updated

Legislative Reference

Temporary Restructuring Relief

Declaration of eligibility for temporary restructuring relief

New

s458E(1)(a)(ii)

Notice of extension of temporary restructuring relief period

New

s58E(2)(b)(iii)

Declaration company not to be treated as eligible for temporary restructuring relief

New

s458F(2)(b)

Declaration company not eligible for temporary restructuring relief

New

s458F(1)(c)(ii)

Court order company not eligible for temporary restructuring relief

New

s458G(3)(a)

Restructuring

Notice of appointment of restructuring practitioner for a company

New

Reg 5.3B.50

Notice of appointment of restructuring practitioner for a restructuring plan

New

Reg 5.3B.54

Notice of extension of proposal period

New

Reg 5.3B.17(5)(a)(ii)

Notices of Meeting

Notice of meeting of creditors

Updated

Schedule 2 s90-21(2)

IPR 75-40(1)

Combined notice of appointment and first meeting of   creditors of company under administration

Updated

s436E(3)(b), s450A(1)(b)

Reg 5.3A.03A, 5.3A.07A

Notice of meeting of creditors

Updated

s496(1)(c)

IPR 75-40(1)

Notice of second meeting of creditors of company under administration

Updated

s439A(1)

IPR 75-40(1)

Notice of meeting of creditors to ratify appointment of administrator

Updated

s449C(4)

IPR 75-40(1)

Notice of first meeting of creditors of company under administration

Updated

s436E(3)(b)

Reg 5.3A.03A

Notice of meeting of eligible employee creditors

Updated

s444DA(2)(a)

IPR 75-40(1)

Notice of general meeting of members of the company

Updated

s495(3)

IPR 75-40(1)

Notice of meeting of creditors

Updated

Schedule 2 s75-10(a)

IPR 75-40(1)

Notice of general meeting of members of the company

Updated

Schedule 2 s75-10(b)

IPR -40(1)

Notice of resumed meeting of creditors

Updated

IPR 75-40(1) and
  75-140(6)

Notice of meeting of creditors convened at the direction of committee of inspection

Updated

Schedule 2 s75-15(1)(a)

IPR -40(1)

Notice of meeting of creditors convened at the direction of creditors

Updated

Schedule 2 s75-15(1)(b),(c) and (d)

IPR -40(1)

Notice of meeting of creditors at the direction of the court

Updated

Schedule 2 s75-41(3)

IPR -40(1)

Notice of meeting of creditors in a pooled group

Updated

Schedule 2 s80-26

IPR 75-40(1)

Notice of meeting of eligible unsecured creditors in a pooled group

Updated

s577(1A)

IPR 75-40(1)

Notice of meeting of members of committee of inspection

Updated

IPR 80-5(4) and (5) and 70-40(1)

Notice of meeting of contributories

Updated

Schedule 2 s90-21(2)

IPR 75-40(1)

Notice of meeting to consider scheme of arrangement

Under development

s412(1)(b)

Notice of meeting of creditors convened at the direction of ASIC

Updated

IPR 75-20

Particulars of Debt - Simplified   Liquidation Process

Notice to submit particulars of debtor claim in a simplified liquidation process

New

Reg 5.6.39(2) and (3)

What's new

Insolvency reforms commence on 1 January 2021

Reforms to corporate insolvency laws commence on 1 January 2021 for companies with liabilities less than $1 million.  These reforms include:

-a new debt restructuring process for incorporated businesses

-a new, simplified liquidation pathway for small businesses, and

-a new class of registered liquidator who can only undertake the debt restructuring process.

Corporations Amendment (Corporate Insolvency Reforms) Act 2020

Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020

Insolvency Practice Rules (Corporations) Amendment (Corporate Insolvency Reforms) Rules 2020

 

Industry funding

The Government has introduced new laws that change the way ASIC is funded. Regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year. Find out what this means for registered liquidators.

 

Quicklinks

Insolvency Law Reform Act 2016

Releases on insolvency

Liquidator registration applications

Registered liquidator disciplinary decisions

Insolvency statistics

AFSA - ARITA - ASIC joint liaison meetings

 

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Published notices

View insolvency and deregistration notices on the published notices website.

Last updated: 18/02/2021 10:20