Fast Facts

Corporate Insolvency

Time Frames to Initiate:
Creditors' Voluntary Liquidation	7 days
Members' Voluntary Liquidation	7 days
Voluntary Administration	Immediate
Deed of Company Arrangement (subject to approval by your creditors)	28 days approx.

Technical Fact Sheets:
Director Penalty Notices PDF (61kb)
Insolvent Trading PDF (88kb)

Personal Insolvency

Time Frames to Initiate:

Bankruptcy - declare yourself bankrupt Immediate

Personal Insolvency Agreement
(subject to approval by your creditors) 25 working days
approx.

Asset Allowances (if made bankrupt):

A bankrupt may hold the following assets up to the prescribed limits:

Motor Vehicle up to $6,150

Superannuation up to reasonable benefit limit

Tools of Trade up to $3,150

Income Contributions:

Use our compulsory income contribution calculator to see if you would be liable for contributions if made bankrupt