Insolvency Appointments Overview
| TYPE | COMMENCED BY | REASON | WHO MAY ACT | APPOINTEE TITLE | POWERS FROM |
| INDIVIDUALS | |||||
| BANKRUPTCY | |||||
| Bankruptcy | Creditor or debtor | Realise assets to pay creditors | Registered Trustee or Official Receiver | Trustee or Official Receiver | Bankruptcy Act |
| ARRANGEMENT UNDER PART X OF THE BANKRUPTCY ACT | |||||
| Personal Insolvency Agreement (“PIA”) | Debtor | Arrangement to pay creditors | Registered Trustee | Trustee | Bankruptcy Act |
| COMPANIES | |||||
| LIQUIDATION | |||||
| Court Liquidation | Creditor, Director or Member | Realise assets to pay creditors | Official Liquidator | Official Liquidator | Corporations Act |
| Provisional liquidation | Creditor, Director or Member | Preserve assets in the short term | Official Liquidator | Provisional Liquidator | Corporations Act |
| Creditors’ voluntary liquidation | Members & Creditors | Realise assets to pay creditors | Registered Liquidator | Liquidator | Corporations Act |
| Members’ voluntary liquidation | Members | Wind up of a solvent company | Registered Liquidator | Liquidator | Corporations Act |
| CONTROLLER | |||||
| Agent for the Mortgagee | Mortgagee | Realise assets to pay mortgage | Anyone | Controller or Managing Controller | Mortgage document |
| Receivership | Private Mortgagee | Realise assets to pay mortgage | Registered Liquidator | Receiver or Receiver & Manager | Mortgage document and Corporations Act |
| Court Appointed Receiver | Creditor, Director or Member | Control given to receiver usually as a result of a dispute | Registered Liquidator | Receiver | Court Orders and Corporations Act |
| VOLUNTARY ADMINISTRATION | |||||
| Voluntary Administration | Directors or Mortgagee | Control handed to Administrator to recommend best course. | Registered Liquidator | Administrator | Corporations Act |