Insolvency law reform: corporate insolvency information for directors, employees, creditors and shareholders

Insolvency law changed on 31 December 2007 as a result of the Corporations Amendment (Insolvency) Act 2007. The ATO and ASIC have issued information sheets relevant to the changes. The IPA has issued a new Code of Professional Practice for Insolvency Professionals.

Recovering super entitlements from failed companies: Information from the ATO about changes applying from 31 December 2007.

ASIC has issued 11 information sheets for directors, employees, creditors or shareholders affected by the three most common company insolvency procedures:

• voluntary administration
• liquidation, and
• receivership.

INFO 41	Insolvency: a glossary of terms
INFO 42	Insolvency: a guide for directors
INFO 43	Insolvency: a guide for shareholders
INFO 45	Liquidation: a guide for creditors
INFO 46	Liquidation: a guide for employees
INFO 54	Receivership: a guide for creditors
INFO 55	Receivership: a guide for employees
INFO 74	Voluntary administration: a guide for creditors
INFO 75	Voluntary administration: a guide for employees
INFO 84	Independence of external administrators: a guide for creditors
INFO 85	Approving fees: a guide for creditors

The Insolvency Practitioners Association (IPA) has issued a Code of Professional Practice for Insolvency Professionals (pdf)