Insolvency is when a company or person can't pay debts when they are due
There are several options available to an insolvent company or person:
- the most common corporate insolvency procedures for an insolvent company are liquidation, voluntary administration and receivership
- the available personal insolvency procedures for an insolvent person are bankruptcy and personal insolvency agreements.
ASIC regulates insolvent companies, it does not manage personal insolvency procedures. For more information about bankruptcy and personal insolvency agreements, visit the Australian Financial Security Authority website.
Find out how a corporate insolvency affects you. I am a...
If you are owed money by an insolvent company, you are a creditor.
ASIC also tracks corporate insolvency trends in Australia and reports on them monthly. Find out more.
On 23 March 2020, Government passed temporary laws to help businesses in financial distress because of the COVID 19 pandemic. Find out more.
ASIC has also begun publishing weekly statistics of companies entering external administration. Find out more.