Insolvency practitioners

	Providing free on-line assistance and guidance for all persons affected by individual or corporate insolvency in Australia

FOR INSOLVENCY PRACTITIONERS Guides and aids
This page last updated: 23/4/2016

CORPORATE		comments
ASIC Information Sheet 29 - "External administration - most commonly used forms" (April 2016 version) PDF document. See also the entry below.		This information sheet (INFO 29) outlines ASIC's expectations in relation to forms commonly lodged with ASIC in an external administration. Published 21 April 2016. ASIC says "It provides information on (1) using our flowcharts for form lodgements, which will help you understand when certain forms must be lodged; (2) using the registered liquidator portal, which is the fastest and most accurate way of lodging forms if you are a registered liquidator; (3) using the ASIC published notices website for notices required under the Corporations Act 2001; (3) specific situations where guidance may be needed on the lodgement of forms, including: (a) payment of fees, (b) correcting or withdrawing lodged forms, (c) notifying ASIC of changes to your details, (d) the meaning of lodgements by ‘the company’, (e) meetings where there is no quorum, (f) lodgement of Form 524 Presentation of accounts and statement for multiple receivership appointments, (g) application to deregister a company by a liquidator when a receiver or controller is appointed, (h) cancellation of meetings, (i) final meetings and a liquidator’s annual obligations, (j) lodgements after an appointment has ended, (k) applying for consent to early destruction of books, and (l) the liquidator’s role when a company is reinstated by the court."
ASIC flowcharts (13 in total) issued with Information Sheet 29 in April 2016		PDF copies of each of the 13 ASIC flowchart are available here to view and/or download.
Insolvency Practitioner Compliance Program 2015-2016		Australian Financial Security Authority,13 August 2015. "We endeavour to foster stakeholder confidence in the personal insolvency system through effective regulation and enforcement activities that are timely, consistent and appropriate."
Review of insolvency engagements questionnaire - CPA Australia		"This questionnaire is to be used for formal insolvency engagements under the Corporations Act and Bankruptcy Act. The questionnaire is based on the requirements of APES 330 Insolvency Services (Revised November 2011), a mandatory professional standard effective 1 April 2012."
ASIC: Relief for externally administered companies and registered schemes being wound up		ASIC Regulatory Guide (RG 174). Published 27 May 2015. Previous versions: Superseded Regulatory Guide 174, issued June 2003 and reissued July 2007. "This guide describes when we will give relief from the financial reporting provisions of the Corporations Act 2001 (Corporations Act) to externally administered companies and to registered managed investment schemes (registered schemes) being wound up. It also describes when we will give relief to externally administered public companies from the requirement to hold an annual general meeting (AGM)."
Policy Positions of the Australian Restructuring Insolvency and Turnaround Association. PDF document		From ARITA. Issued 2 March 2015.
ATO Indemnity Checklist for insolvency practitioners PDF document		From the Australian Taxation Office, January 2015. To be used by insolvency practitioners when asking the ATO for an indemnity for costs in a legal proceeding the insolvency practitioner wants to take. The ATO webpage explains the procedure in detail.
Sample Remuneration Report PDF document		From ARITA. Issued 26 November 2014.
Code of Professional Practice for Insolvency Practitioners. PDF document		From ARITA. Version 3, updated as at 18 August 2014.
Code of Professional Practice for Insolvency Practitioners. PDF document		From IPAA, ARITA. Version 3 - effective from 1 January 2014.
Remuneration Template produced by the IPAA (31/1/2013). WORD document.		Template produced by the Australian Insolvency Practitioners Association . IPAA members must use this format from 1 January 2013.
Declaration of Relevant Relationships (DIRRI) template produced by IPAA (17/1/2011). WORD document.		Template designed by the Australian Insolvency Practitioners Association .
Fair Entitlements Guarantee information for insolvency practitoners.		Published by the Department of Education, Emploment and Workplace Relations.
ASIC's power to wind up abandoned companies: ASIC Regulatory Guide.		ASIC Regulatory Guide (RG 242). Published 8 November 2012. Final policy guidelines on how ASIC intends to exercise its new power under Part 5.4C (ss 489EA to 489EC) of the Corporations Act. RG 242 follows consultation carried out through Consultation Paper 180 of July 2012 (CP 180). The response to submissions on CP 180 is published in Report 310 (REP 310).
Assetless Administration Fund: Funding criteria and guidelines. ASIC Regulatory Guide.		ASIC Regulatory Guide 109 (RG109). Published 8 November 2012. Previous versions which have been superseded are RG 109, issued 23/2/2006 and reissued 26/11/2009; RG 109A, issued 13/6/2006; RG 109B, issued 21/12/2007, effective 1/1/2008.
ATO guide: PAYG withholding for external administrators		ATO guide issued October 2012 (obtained March 2014).
ATO form for notification of Appointment of Representative of Incapacitated Entity		ATO PDF form as at March 2014.
ATO guide / instructions regarding giving notice of appointment and using its Business Portal. (Oct 2012)		Link to ATO web pages on these subjects.
Lodging notices for publication on ASIC's Insolvency Notices website.		From 1 July 2012, you must lodge most notices with ASIC for publication on our new stand alone website: insolvencynotices.asic.gov.au. This replaces the requirement to publish the notices in the print media (newspapers and the Business Gazette). ASIC has published the following information and fact sheets:
		Getting started / Quick guide July 2012 Updated fact sheet 26 June 2012
An Appraisal of the Report as to Affairs (RATA) (ASIC Form 507).		In November - December 2011 I conducted research in relation to the RATA, its purpose, form, design, content and accessibility, its history, its effectiveness, and ways in which it may be improved. The research - which was sponsored by the Insolvency Practitioners Association of Australia - included a formal survey of the attitudes, opinions and experiences of official liquidators. My report entitled "An Appraisal of the Report as to Affairs" was completed in March 2012. For a complete copy of the report, click HERE. A shorter version was published by the IPA in the June 2012 edition of Australian Insolvency Journal (2012 Volume 24, Number 2). For a copy of that article, click HERE.
ATO Guide: Refund of preference payments (companies). From 1 March 2011 the ATO will repay voidable transactions over $25,000 and up to $500,000 without the liquidator having to obtain a court order under S.588FF (conditions apply).		Official ATO publication, last modified 8 August 2011.
GST for Insolvency Practitioners		A copy of the information on the Australian Taxation Office website as at 9/6/2011.
Insolvency Practitioners - Regulatory barriers for occupations. Productivity Commission and IPAA suggestion for review of roles of ASIC and ITSA in insolvency regulation. Submissions close 30/7/2010.		Extract from official publication of the Productivity Commission, June 2010.
ATO Guide: Refund of preference payments (companies). From 1 June 2010 the ATO will repay voidable transactions up to $25,000 without the liquidator having to obtain a court order under S.588FF (conditions apply).		Official ATO publication, 21 July 2010.
ATO Guide: Applications for indemnities made by insolvency practitioners		Official ATO publication, June 2010.
ATO Indemnity Checklist for insolvency practitioners. Interactive.		Official ATO publication, June 2010.
ASIC INSOLVENCY UPDATE - June 2010. An update for registered liquidators.		Official publication of the ASIC. 15/6/2010.
ASIC Letter to Liquidators Re Independence		Official publication of the ASIC. 11/5/2010. Letter headed "Independence Project - review of compliance by registered liquidators with the new disclosure requirements"
Notifying the Tax Office of your appointment		This task is probably best done electronically. Go to www.ato.gov.au/taxprofessionals, then via these links: > Your tax practice > insolvency & legal practitioners > insolvency practitioners. Follow the instructions to send the form using the Form Client 5 software provided.
TAX TOPICS. On its website the ATO has a section that addresses 14 topics impacting on insolvency practitioners. Topics include: "Responsibilities of a registered insolvency practitioner"; "Reports"; "Indemnities for trustees and liquidators"; "Preference payments"; and "Superannuation and insolvency".		Go to www.ato.gov.au/taxprofessionals and follow the links > Your tax practice > Insolvency & legal practitioners > Insolvency practitioners.
FAX TEMPLATE FOR CORRESPONDENCE WITH TAX OFFICE		Created by Australian Taxation Office
VOLUNTARY COMPANY ADMINISTRATION PACK		Created by the Insolvency Resources Centre.
CREDITORS VOLUNTARY LIQUIDATION PACK		Created by the Insolvency Resources Centre.
DEFICIENCY CALCULATOR (Excel)		Created by the Insolvency Resources Centre.
DEED OF COMPANY ADMINISTRATION PACK		(under construction)
OFFICIAL LIQUIDATION PACK		(under construction)
REMUNERATION PACK		Assembled by the Insolvency Resources Centre.
REPORTING TO ASIC		Assembled by the Insolvency Resources Centre.
ACCOUNT OF RECEIPTS AND PAYMENTS (FORM 524)		Editable version in Word. Constructed by the Insolvency Resources Centre.
Electronic Communications: Questions and Answers		Created by the Insolvency Resources Centre
IPAA Independence Flow Chart
ASIC Information sheet "Insolvency information for directors, employees, creditors and shareholders" (word)		Created by ASIC and IPA Jan 08.
ASIC Assetless Administration Fund (without annexures) (PDF)		Funding criteria and guidelines - November 2009 . ASIC Regulatory Guide 109. Link to location of file on ASIC website.
ASIC Insolvency Law Reform Bulletin 1 (PDF)		Subjects: 1.Lodging after 31/12/2007; 2. Transitional arrangements; 3. Forms that can be lodged electronically; 4. Flowcharts of insolvency forms and processes (IFF1 to IFF15).
ASIC Insolvency Law Reform Bulletin 2 (PDF)		Subjects: 1. Insolvency Information Sheets; 2. Insolvency: a glossary of terms.
ASIC Insolvency Law Reform Bulletin 3 (PDF)		Subjects: Registration and regulation of liquidators; 1. Changes to registration requirements; 2. Changes to ongoing obligations; 3. ASIC's power to cancel registration.
ASIC Insolvency Law Reform Bulletin 4 (PDF)		Subjects: Other amendments: 1. Reports by liquidators and managing controllers; 2. Voluntary administration and deeds of company arrangement; 3. Creditors voluntary windings up; 4. AGMs in external administrations; 5. Liquidator's conduct.
ASIC Guide on DOCA's involving a creditors’ trust (PDF)		ASIC guide 82 for registered liquidators appointed under Part 5.3A. May 2005.
ASIC Statistics on External Administration (PDF)		An official report compiled from information supplied to ASIC by liquidators in their investigation reports. The report is titled "External administrators: Schedule B statistics 1 July 2004 to 30 June 2007. It was published on 26 June 2008.
CORE Australia Insolvency Practitioner Software. Information website.		The IPS accounting and management software is used by many insolvency practitioners in Australia and the UK.The website provides a short video presentation (4min 18secs) of the SQL version. (The video is from the UK head office of Turnkey/CORE.)
IPS SOFTWARE Help (TXT) For 1993 version of IPS.		Official Insolvency Practitioner's System MANUAL - VERSION 6.00 MSDOS 11/01/93. Text document of 44 pages.