Insolvency information sheets released by ASIC

A series of information sheets to increase awareness of company insolvency procedures among directors, employees, creditors and shareholders has been released by the Australian Securities and Investments Commission (ASIC).

According to ASIC, the information sheets aim to provide Australians who may be affected by a company's insolvency with a basic understanding of the three most common insolvency procedures – liquidation, voluntary administration, and receivership. A glossary of commonly used insolvency terms is also available.

Insolvency practitioners can assist clients who may be affected by a company's insolvency, by providing them with relevant information sheets to make the process less daunting.

The information sheets cover the following topics:

• Insolvency: a glossary of terms
• Voluntary administration: a guide for creditors
• Voluntary administration: a guide for employees
• Liquidation: a guide for creditors
• Liquidation: a guide for employees
• Receivership: a guide for creditors
• Receivership: a guide for employees
• Insolvency: a guide for shareholders
• Insolvency: a guide for directors

Download copies of the information sheets from ASIC's website.