Insolvency information for directors, employees, creditors and shareholders

This is Information Sheet 39 (INFO 39). It lists ASIC's information sheets for directors, employees, creditors and shareholders affected by a company's insolvency.

We have produced these with endorsement from the Australian Restructuring Insolvency & Turnaround Association (ARITA).

The information sheets give a basic understanding of the three most common company insolvency procedures – liquidation, voluntary administration and receivership – as well as the independence requirements for external administrators and approving external administrator remuneration. There is also a glossary of commonly used insolvency terms.

List of information sheets

• INFO 41 Insolvency: A glossary of terms
• INFO 42 Insolvency: A guide for directors
• INFO 43 Insolvency: A guide for shareholders
• INFO 45 Liquidation: A guide for creditors
• INFO 46 Liquidation: A guide for employees
• INFO 54 Receivership: A guide for creditors
• INFO 55 Receivership: A guide for employees
• INFO 74 Voluntary administration: A guide for creditors
• INFO 75 Voluntary administration: A guide for employees
• INFO 84 Independence of external administrators: A guide for creditors
• INFO 85 Approving fees: A guide for creditors

Where can I get more information?

Further information is available from the ARITA website. The ARITA website also contains the ARITA Code of Professional Practice for Insolvency Practitioners.

Important notice

Please note that this information sheet is a summary giving you basic information about a particular topic. It does not cover the whole of the relevant law regarding that topic, and it is not a substitute for professional advice. We encourage you to seek your own professional advice to find out how the applicable laws apply to you, as it is your responsibility to determine your obligations.

You should also note that because this information sheet avoids legal language wherever possible, it might include some generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases, your particular circumstances must be taken into account when determining how the law applies to you.