Executive Summary
Australia’s corporate insolvency framework is principally governed by the Corporations Act 2001 (Cth), supported by the Corporations Regulations 2001, court practice, common law and the regulatory functions of the Australian Securities and Investments Commission (ASIC). The most common formal options for an insolvent company are voluntary administration, liquidation, small business restructuring and receivership. Formal external administration is undertaken by registered liquidators and other eligible registered practitioners.
Voluntary administration is a collective process designed to resolve a company’s future quickly. An independent registered liquidator is appointed as voluntary administrator and takes full control of the company. Creditors decide at the second meeting whether the company should enter a deed of company arrangement (DOCA), proceed to liquidation or return control to the directors. A DOCA is a flexible binding arrangement between the company and its creditors that may facilitate compromise, restructuring or sale of the business.
Australia’s small business restructuring process is a debtor-in-possession framework for eligible companies. Directors remain in control while a registered restructuring practitioner assists with and certifies a restructuring plan. ASIC describes restructuring and restructuring plans as types of external administration. Eligibility and current monetary thresholds are determined by the Corporations Act, regulations and applicable rules.
Liquidation may be creditors’ voluntary, court-ordered or members’ voluntary. An independent registered liquidator takes control in an insolvent liquidation, realises assets, investigates company affairs, adjudicates claims and distributes funds according to statutory priorities. Employees who lose employment due to an employer’s liquidation or bankruptcy and cannot recover entitlements through other means may be eligible for Fair Entitlements Guarantee (FEG) assistance. Australia has adopted the UNCITRAL Model Law on Cross-Border Insolvency through the Cross-Border Insolvency Act 2008 (Cth), subject to statutory qualifications and court practice.
Object Identity
A professional legal and commercial function for corporate financial distress, administration, restructuring, liquidation, receivership and creditor treatment.
Formal Routes
- Voluntary administration
- Deed of company arrangement
- Small business restructuring
- Liquidation and receivership
Core Institutions
- Federal and State Courts
- Australian Securities and Investments Commission
- Registered liquidators
- Fair Entitlements Guarantee
Object Definition
Restructuring and insolvency in Australia is the legal and commercial function through which corporate financial distress, external administration, voluntary administration, deeds of company arrangement, small business restructuring, liquidation, receivership, creditor rights and cross-border insolvency are handled under Australian law. The object includes registered liquidators, administrators, restructuring practitioners, receivers, creditor meetings, employee claims, asset realisation and statutory distributions.
| Definition | The legal and commercial discipline concerned with corporate external administration, restructuring, liquidation, receivership, creditor claims and estate administration in Australia. |
| Object | Restructuring & Insolvency |
| Object Type | Professional Legal and Commercial Function |
| Classification | Financial Distress — Voluntary Administration — DOCA — Small Business Restructuring — Liquidation — Receivership |
| Jurisdiction | Australia, with Commonwealth corporate-law framework and federal, State and Territory court relevance. |
Scope
This object covers the principal Australian corporate insolvency and restructuring pathways under the Corporations Act: voluntary administration, DOCA, small business restructuring, liquidation and receivership. It addresses ASIC, registered liquidators, creditor processes, employee entitlements, FEG and cross-border insolvency. It does not provide a full account of personal bankruptcy, banking or insurance resolution, tax enforcement, all safe-harbour questions or every State and Territory law issue.
| Covered Matters | Voluntary administration, DOCA, small business restructuring, creditors’ voluntary liquidation, court liquidation, members’ voluntary liquidation, receivership, external administrators, claims, employee entitlements, FEG and Model Law proceedings. |
| Functional Boundary | The object concerns company financial distress and external administration rather than ordinary company management, personal bankruptcy, routine collection or general commercial disputes. |
| Related but Not Primary | Corporate finance, security enforcement, distressed M&A, employment, tax, accounting, audit, valuation, litigation, competition, financial regulation, personal property securities, environmental law and data may be relevant. |
| Outside Scope | Detailed personal bankruptcy, specialist financial-sector resolution, criminal matters and case-specific professional advice. |
Object Characteristics
| Market Maturity | Established. Australia has a developed statutory external-administration system, regulated registered liquidators, sophisticated secured-creditor practice and formal rescue and liquidation pathways. |
| Evidence Strength | High for core processes. The Corporations Act, ASIC regulatory guidance, published notices, court practice and FEG guidance provide the principal institutional and procedural sources. |
| Standardisation Level | High for formal administration. Appointments, reports, creditor meetings, claims, DOCA proposals, restructuring plans, liquidation returns and ASIC notices follow prescribed statutory and regulatory processes. |
| Cross-Border Intensity | High. Australia’s international investment, resources, finance, technology, trade and corporate-group activity creates regular cross-border insolvency questions, supported by Model Law legislation. |
| Commercial Complexity | High. Matters may involve secured debt, PPSA issues, trade creditors, employees, tax, superannuation, property, resources assets, foreign affiliates, class claims, litigation and regulatory matters. |
Purpose and Primary Outcome
Australia’s corporate insolvency framework provides routes to resolve a company’s future, preserve viable business value, compromise debts, conduct orderly liquidation and distribute assets fairly among creditors. The applicable pathway determines control of the company, creditor decision making, treatment of secured creditors, employee rights, investigation duties and final corporate outcome.
| Purpose | To provide structured mechanisms for company rescue, debt compromise, business preservation, orderly liquidation, creditor treatment and statutory accountability. |
| Primary Outcome | A DOCA or return of company control after voluntary administration; implementation of a small business restructuring plan; liquidation and deregistration; receivership realisation; or another statutory outcome. |
| Registry Focus | Corporations Act procedures, ASIC, registered liquidators, creditor decision making, claims, employee entitlements, FEG, assets and cross-border relevance. |
Request Contexts
Australian corporate insolvency matters can arise following cash-flow stress, unpaid tax or superannuation, refinancing failure, creditor enforcement, payment default, supply-chain disruption, director concerns about solvency, secured-lender action, operating losses, group distress or a need to preserve a viable business through administration or restructuring.
| Identity Pattern | Australian proprietary or public company, small business, secured lender, trade creditor, employee, director, shareholder, investor, purchaser, receiver or foreign group entity. |
| Business Event | Insolvency concern, voluntary-administrator appointment, DOCA proposal, restructuring-practitioner appointment, liquidation resolution, court winding-up order, receiver appointment or FEG claim. |
| Typical User | Directors, management teams, shareholders, banks, secured lenders, trade creditors, employees, registered liquidators, restructuring practitioners, investors, purchasers and cross-border advisers. |
| Typical Scenario | Directors appoint a voluntary administrator; creditors resolve to execute a DOCA; an eligible small business proposes a restructuring plan; a secured lender appoints a receiver; a liquidator realises assets after a creditors’ voluntary liquidation. |
Typical Users and Scenarios
| Directors and Management | Associated with company books, solvency review, director duties, appointment of an administrator or restructuring practitioner, business records and cooperation with external administrators. |
| Secured Lender | Associated with facility agreements, PPSA security, mortgages, guarantees, intercreditor rights, enforcement and receiver appointment. |
| Trade Creditor | Associated with invoices, supply contracts, delivery evidence, proof of debt, retention of title, PPSA registration, set-off and creditor-meeting participation. |
| Employee | Associated with wage, leave, redundancy, notice, superannuation, employment-contract, proof-of-debt and FEG records. |
| Restructuring Practitioner | Registered liquidator appointed to assist and oversee an eligible small business restructuring process and restructuring plan. |
| Business Buyer | Associated with asset-sale documentation, contracts, employees, licences, intellectual property, data, real estate, inventory and due diligence. |
Applicable Legislation
The Corporations Act and supporting regulations are the core legislative framework for Australian company insolvency and external administration. The regime also interacts with personal property securities, employment, superannuation, tax, contract, property, competition and cross-border insolvency law where relevant.
| Corporations Act 2001 (Cth) | Core statute governing company administration, DOCA, liquidation, receivership, small business restructuring, director duties and related external-administration matters. Official legislation portal. |
| Part 5.3A — Voluntary Administration | Governs voluntary administration, appointment of a voluntary administrator, creditor meetings and deeds of company arrangement. |
| Part 5.3B — Small Business Restructuring | Governs the debtor-in-possession restructuring process and restructuring plans for eligible small businesses. |
| Part 5.4B — Winding Up in Insolvency | Governs insolvent liquidation, including court and creditors’ voluntary winding up, liquidator functions and distribution. |
| Corporations Regulations 2001 | Support the Corporations Act through procedural, threshold, form and regulatory detail. |
| Cross-Border Insolvency Act 2008 (Cth) | Gives effect to the UNCITRAL Model Law on Cross-Border Insolvency in Australia, subject to Australian modifications. Official legislation portal. |
| Fair Entitlements Guarantee Act 2012 (Cth) | Establishes the FEG legislative safety net for eligible employee entitlements in employer liquidation or bankruptcy circumstances. |
Process Flow
The applicable Australian procedure depends on company solvency, director and creditor decisions, security enforcement, eligibility for small business restructuring, court involvement and factual circumstances. The outline below describes common decision points, not fixed legal deadlines.
| 1. Financial Position | Accounts, cash flow, debts, assets, liabilities, financing, security, employee liabilities, tax and superannuation obligations establish the financial position. |
| 2. Legal Position | Corporate authority, director duties, security, PPSA registrations, guarantees, contracts, creditor claims, employee rights, tax and group relationships are identified. |
| 3. Procedure Classification | The company’s position is considered within informal restructuring, safe harbour, small business restructuring, voluntary administration, DOCA, liquidation or receivership. |
| 4. Appointment or Court Application | Directors, secured creditors, shareholders, creditors or the court make the relevant appointment, resolution or application under the Corporations Act. |
| 5. External Administration | The administrator, restructuring practitioner, liquidator or receiver assumes the powers and functions assigned by statute, court order or security documents. |
| 6. Creditor Process | Creditors receive notices, submit claims, attend meetings where applicable, consider reports and vote on a company’s future or restructuring proposal. |
| 7. Implementation, Distribution or Closure | The matter proceeds to DOCA implementation, plan completion, liquidation distributions, deregistration, receivership conclusion or another statutory result. |
Restructuring Procedures
Voluntary administration and small business restructuring are core Australian rescue pathways. Voluntary administration displaces directors and gives an independent voluntary administrator control while creditors decide the company’s future. A DOCA may be proposed to compromise debts, preserve all or part of the business or facilitate another restructuring outcome.
Small business restructuring follows a debtor-in-possession model. The directors stay in control of the company while a registered restructuring practitioner assists the company to develop a restructuring plan and certifies the plan as required. ASIC states that only a person registered as a liquidator with ASIC can act as restructuring practitioner. Eligibility requirements, debt thresholds and process details are governed by current law and regulations.
| Procedure | Core Function | Control | Primary Outcome |
|---|---|---|---|
| Voluntary Administration | Quickly resolves a financially distressed company’s future through an independent administrator and creditor decision-making process. | Voluntary administrator takes full control of the company; directors’ powers are suspended to the extent provided by law. | DOCA, liquidation or return of company control to directors. |
| Deed of Company Arrangement | Binding arrangement between company and creditors to govern debt compromise, asset realisation, business continuation or other restructuring terms. | Deed administrator administers the DOCA according to its terms and the Corporations Act. | Implementation of agreed creditor compromise or restructuring outcome. |
| Small Business Restructuring | Debtor-in-possession restructuring process for eligible small companies that seeks a creditor-approved restructuring plan. | Directors remain in control, supported and overseen by a registered restructuring practitioner. | Creditor acceptance and implementation of restructuring plan, or transition to another process where appropriate. |
Liquidation and Receivership
Liquidation is the process by which an independent registered liquidator takes control of a company so its affairs can be wound up in an orderly and fair manner for the benefit of creditors. Australian liquidations can be court-ordered, creditors’ voluntary or members’ voluntary. A members’ voluntary liquidation is a solvent winding-up process and is not an insolvent external administration.
Receivership is different from liquidation. A receiver is usually appointed by a secured creditor and acts primarily in relation to the secured creditor’s assets and security rights. A receiver may operate a business, collect and sell assets and apply proceeds in accordance with the terms of appointment and applicable law. Receivership can occur alongside other external-administration processes.
| Creditors’ Voluntary Liquidation | Insolvent liquidation commenced through a creditors’ process or following voluntary administration where creditors resolve to liquidate. |
| Court-Ordered Liquidation | Liquidation ordered by a court following an eligible application under the Corporations Act. |
| Members’ Voluntary Liquidation | Solvent liquidation in which a company can pay creditors in full and the liquidator distributes any surplus to members. |
| Liquidator | Collects, protects and realises company property; investigates affairs; reports possible offences to ASIC where required; adjudicates claims; distributes dividends and completes reporting and deregistration steps. |
| Receiver | Acts for the secured creditor under security documents and applicable law; commonly controls and realises charged assets or business operations. |
| Proof of Debt | Creditors substantiate claims to the external administrator or liquidator through prescribed process and supporting evidence. |
Decision Tree
- Establish the company’s cash flow, solvency, debt maturity, assets, liabilities, financial records and business prospects.
- Identify director authority and duties, corporate structure, security and PPSA position, guarantees, contracts, creditors, employees, tax, superannuation and group relationships.
- Determine whether refinancing, consensual restructuring, safe harbour, small business restructuring, voluntary administration, DOCA, liquidation or receivership is the relevant framework.
- For rescue routes, identify eligibility, proposed registered practitioner, creditor position, business plan, restructuring proposal and statutory notices.
- For liquidation or receivership, identify the applicable appointment, court process, security rights, proposed office-holder, asset position and creditor requirements.
- After appointment, identify creditor claims, reports, meetings, asset realisation, employment matters, DOCA or plan terms, distributions, deregistration and reporting obligations.
Timeline
Duration depends on the selected process, asset complexity, records, creditor structure, funding, court timetable, disputes, employee issues, regulatory matters and foreign connections. The sequence below is descriptive rather than a fixed timetable.
| Financial Distress | Cash-flow pressure, unpaid debts, creditor action, refinancing difficulty, tax or superannuation arrears, losses or security enforcement risk is identified. |
| Information Assembly | Financial, corporate, security, creditor, asset, contract, employee, tax, superannuation and group records are assembled. |
| Appointment or Application | Directors, creditors, shareholders, secured creditors or the court initiate the relevant administration, restructuring, liquidation or receivership process. |
| Notice and Control Transition | ASIC register and notice requirements apply; the relevant administrator, practitioner, liquidator or receiver assumes statutory or contractual functions. |
| Creditor and Plan or Estate Stage | Claims, reports, meetings, DOCA or restructuring plan, operations, financing, asset realisation, employee matters and distributions are addressed. |
| Conclusion | The process reaches DOCA or plan implementation, return of control, liquidation distribution and deregistration, receivership completion or another statutory outcome. |
Required Documents
Document requirements vary by procedure, company type, appointment mechanism, court direction, security position and factual issues. The following records commonly support Australian corporate restructuring and insolvency matters.
| Financial Records | Management accounts, financial statements, cash-flow forecasts, budgets, debt schedules, receivables, payables, bank information, tax and superannuation records. |
| Corporate Records | ASIC company extracts, constitution, board and shareholder resolutions, registers, signing authority, group charts and appointment or approval documents. |
| Creditor and Debt Schedule | Creditor identity, claim amount, maturity, security, guarantees, dispute status, contact information and supporting evidence. |
| Finance and Security Documents | Facility agreements, PPSA security agreements and registrations, mortgages, guarantees, debentures, account arrangements and intercreditor terms. |
| Administration and Restructuring Materials | Appointment documents, reports to creditors, DOCA proposal, restructuring plan, practitioner certificate, creditor notices, valuations and ASIC lodgements. |
| Employment Records | Employee lists, wages, salary, leave, redundancy, notice, superannuation, employment contracts, payroll tax and FEG-related records. |
| Asset Register | Inventory, receivables, equipment, real estate, shares, intellectual property, data, licences, insurance, contracts, vehicles and security interests. |
Creditor, Employee and Priority Considerations
Creditor treatment in Australia depends on the form of external administration, contractual rights, security, statutory priority, court orders and evidence. Secured creditors may have enforcement rights and a role in administration outcomes. Unsecured creditors participate through meetings, proofs of debt, reports, DOCA terms and liquidation distributions as applicable.
Employee entitlements can include wages, leave, redundancy, payment in lieu of notice and superannuation-related issues. FEG is a legislative safety net for eligible employees who have lost employment because of employer liquidation or bankruptcy and cannot recover unpaid entitlements through other means. Eligibility, payment categories, caps, exclusions and recovery rights are governed by the FEG framework and current legislation.
| Secured Creditors | Security is identified through agreements, mortgages, PPSA records, guarantees and collateral documentation. Rights may include enforcement and receiver appointment subject to law and process. |
| Unsecured Creditors | Unsecured creditors may submit proofs of debt, attend creditor meetings, vote where entitled and receive distributions in accordance with the relevant administration and statutory priorities. |
| Employee Claims | Wages, leave, redundancy, notice, superannuation and other employment records may be relevant. Employee entitlements have specified priority treatment in liquidation and FEG may assist eligible employees. |
| FEG | FEG is a scheme of last resort for eligible employees retrenched due to employer liquidation or bankruptcy where no other source pays qualifying employment entitlements. |
| Tax and Statutory Claims | Tax, superannuation and other statutory liabilities are assessed under applicable law, priority rules and factual records. |
| Disputed Claims | Contracts, invoices, delivery evidence, account statements, notices, correspondence, security documents and claim calculations establish the record for review or dispute resolution. |
Cross-Border Relevance
Australia’s cross-border insolvency framework is founded on the Cross-Border Insolvency Act 2008 (Cth), which implements the UNCITRAL Model Law on Cross-Border Insolvency with Australian modifications. The framework supports recognition of foreign proceedings and cooperation between Australian courts and foreign courts or representatives, subject to statutory conditions and court orders.
| Model Law Framework | The Cross-Border Insolvency Act 2008 gives effect to the UNCITRAL Model Law on Cross-Border Insolvency in Australia, subject to Australian modifications. |
| Foreign Proceedings | A foreign representative may seek recognition of a foreign proceeding in an Australian court and request applicable relief and cooperation under the statutory framework. |
| Australian Proceedings Abroad | Recognition of Australian external administration abroad depends on the law, court practice and applicable cross-border insolvency framework of the foreign jurisdiction. |
| Foreign Companies | Relevant records may include Australian subsidiaries or branches, local assets, employees, bank accounts, security, contracts, licences, intellectual property, data and tax positions. |
| Language | English is the language of Australian court proceedings, corporate records and commercial documentation. |
| International Records | Group charts, foreign asset registers, governing-law clauses, overseas security, foreign financing, international supply contracts, foreign proceedings, licences and regulatory approvals identify cross-border connections. |
Operating Constraints and Risks
| Timing Constraint | The timing of insolvency, director decisions, appointments, security creation, asset transfers, payments, creditor notices and court applications can be material. |
| Procedure Selection Constraint | Voluntary administration, DOCA, small business restructuring, liquidation and receivership have different eligibility, control, creditor, timing and outcome features. |
| Director Duty Constraint | Directors may face duties and potential liabilities in an insolvency context, including insolvent-trading issues, subject to statutory defences and safe-harbour provisions where applicable. |
| Funding Constraint | Cash for payroll, suppliers, tax, superannuation, systems, insurance, premises, professional work, asset preservation and continuing operations can affect available options. |
| Priority Constraint | Security, administration costs, employee entitlements, statutory priorities, tax, superannuation and disputed claims can affect distributions. |
| Cross-Border Constraint | Foreign assets, creditors, group entities, international financing, contractual governing law, foreign proceedings and regulatory permissions can add coordination complexity. |
Costs and Fees
Costs vary by process, company size, assets, creditors, record quality, funding, workforce, disputes, court involvement and international connections. Registered liquidators’ remuneration and external-administration expenses are addressed through the Corporations Act and applicable approval or reporting frameworks. This record does not state case-specific fee levels.
| Court and Filing Costs | Costs associated with court applications, filings, notices, creditor meetings, ASIC lodgements, reports and required statutory documentation. |
| Administrator and Liquidator Costs | Costs associated with voluntary administrators, deed administrators, restructuring practitioners, liquidators, receivers, asset preservation, claims, reporting and distributions. |
| Professional Work | Legal, financial, accounting, tax, valuation, employment, forensic, regulatory, communications, investment-banking and transaction work. |
| Operating Costs | Payroll, suppliers, tax, superannuation, utilities, systems, insurance, premises, preservation and continuing-business costs. |
| Disputes and Recovery | Costs relating to claims, security, voidable-transaction issues, litigation, asset recovery, investigations, PPSA matters and foreign proceedings. |
Frequently Asked Questions
| What are Australia’s common corporate insolvency procedures? | ASIC identifies liquidation, small business restructuring, voluntary administration and receivership as the most common corporate procedures for an insolvent company. |
| What is voluntary administration? | It is a process designed to resolve a company’s future quickly. An independent registered liquidator takes full control while creditors decide between a DOCA, liquidation or returning control to directors. |
| What is a DOCA? | A deed of company arrangement is a binding arrangement between a company and creditors that can compromise debts or implement another restructuring outcome. |
| What is small business restructuring? | It is a debtor-in-possession restructuring process for eligible small companies in which directors remain in control while a registered restructuring practitioner assists with the plan. |
| What is the difference between liquidation and receivership? | A liquidator administers the company for collective winding up and creditor benefit. A receiver is usually appointed by a secured creditor to control and realise secured assets under security documents. |
| Can employees receive FEG assistance? | Eligible employees who lose employment due to employer liquidation or bankruptcy and cannot recover qualifying entitlements through other means may receive FEG assistance. |
| Does Australia have a cross-border insolvency regime? | Yes. The Cross-Border Insolvency Act 2008 implements the UNCITRAL Model Law on Cross-Border Insolvency with Australian modifications. |
| Is this page legal advice? | No. It is a neutral registry reference and does not determine the legal position or outcome in an individual matter. |
Related Professional Areas
Australian restructuring and insolvency matters can involve multiple adjacent professional fields because financial distress affects finance, director duties, employment, tax, superannuation, security, assets, contracts, regulation and international business operations.
Practical Guidance
This section identifies record categories commonly used to classify and retrieve Australian corporate restructuring and insolvency materials. It is not a direction to undertake a particular action in an individual matter.
| Core Financial Records | Management accounts, financial statements, cash-flow forecasts, debt schedules, bank information, receivables, payables, budgets, tax and superannuation records. |
| Creditor Records | Creditor schedules, invoices, supply contracts, facility agreements, PPSA security documents, mortgages, guarantees, account statements, notices and claim calculations. |
| Corporate Records | ASIC extracts, constitution, board and shareholder records, signing authority, registers, group charts, director records and appointment or resolution documents. |
| Operational Records | Customer, supplier, lease, licence, employment, superannuation, insurance, IT, outsourcing, logistics, data and material operating contracts. |
| Cross-Border Records | Foreign entity information, overseas assets, governing-law clauses, intercompany funding, international security, foreign proceedings, export contracts, licences and regulatory permissions. |
Jurisdictional Expert
This registry position is distinct from the editorial record. Its availability or assignment does not alter the independent editorial content of this page.
| Registry Position ID | RE-AU-RI-001 |
| Registry Position | Jurisdictional Expert — Restructuring & Insolvency Australia |
| Registry Availability | Open |
| Verification Status | No verified participant currently assigned to this registry position. |
| Coverage | Australia voluntary administration, DOCA, small business restructuring, liquidation, receivership, employee entitlements, FEG and cross-border insolvency. |
| Registry Reference | IRR-AU-RI-001-A Jurisdictional Expert Position |
| Contact Information | Registry position not yet assigned. |
Machine Layer
| Object DNA | restructuring insolvency australia corporations-act voluntary-administration doca small-business-restructuring liquidation receivership registered-liquidator asic fair-entitlements-guarantee feg cross-border-insolvency |
| AI Retrieval Summary | Neutral registry object explaining Australian corporate restructuring and insolvency, including voluntary administration, deeds of company arrangement, small business restructuring, liquidation, receivership, ASIC, registered liquidators, employee FEG protection and Model Law cross-border insolvency. |
| Entity Index | Australia; Corporations Act 2001; voluntary administration; voluntary administrator; deed of company arrangement; DOCA; small business restructuring; restructuring practitioner; creditors’ voluntary liquidation; court-ordered liquidation; members’ voluntary liquidation; liquidator; receiver; ASIC; Australian Securities and Investments Commission; Fair Entitlements Guarantee; FEG; Cross-Border Insolvency Act 2008; UNCITRAL Model Law; PPSA. |
| Machine Metadata | Registry rendering layer: https://insolvencyregistry.org/css/registry.css — Object ID: AU.RI.001 — Machine Reference: IRR-AU-RI-001-A — Internal Classification: Business > Legal & Commercial > Restructuring & Insolvency > Australia. |
| Editorial Notice | Reference material only; not legal, financial, accounting, tax, employment or insolvency advice. Current legislation, regulations, appointments, court decisions and case facts govern individual outcomes. |