Insolvency Appointments Overview

TYPECOMMENCED BYREASONWHO MAY ACTAPPOINTEE TITLEPOWERS FROM
INDIVIDUALS
BANKRUPTCY
BankruptcyCreditor or debtorRealise assets to pay creditorsRegistered Trustee or Official ReceiverTrustee or Official ReceiverBankruptcy Act
ARRANGEMENT UNDER PART X OF THE BANKRUPTCY ACT
Personal Insolvency Agreement (“PIA”)DebtorArrangement to pay creditorsRegistered TrusteeTrusteeBankruptcy Act
COMPANIES
LIQUIDATION
Court LiquidationCreditor, Director or MemberRealise assets to pay creditorsOfficial LiquidatorOfficial LiquidatorCorporations Act
Provisional liquidationCreditor, Director or MemberPreserve assets in the short termOfficial LiquidatorProvisional LiquidatorCorporations Act
Creditors’ voluntary liquidationMembers & CreditorsRealise assets to pay creditorsRegistered LiquidatorLiquidatorCorporations Act
Members’ voluntary liquidationMembersWind up of a solvent companyRegistered LiquidatorLiquidatorCorporations Act
CONTROLLER
Agent for the MortgageeMortgageeRealise assets to pay mortgageAnyoneController or Managing ControllerMortgage document
ReceivershipPrivate MortgageeRealise assets to pay mortgageRegistered LiquidatorReceiver or Receiver & ManagerMortgage document and Corporations Act
Court Appointed ReceiverCreditor, Director or MemberControl given to receiver usually as a result of a disputeRegistered LiquidatorReceiverCourt Orders and Corporations Act
VOLUNTARY ADMINISTRATION
Voluntary AdministrationDirectors or MortgageeControl handed to Administrator to recommend best course.Registered LiquidatorAdministratorCorporations Act