What is a bankruptcy

Bankruptcy is an insolvency procedure that applies to a person, not a company.

A person is bankrupt if they have been declared bankrupt under the terms of the Bankruptcy Act and have not been discharged from bankruptcy.

A personal insolvency agreement is an alternative to bankruptcy and for the purposes of the Bankruptcy Act, is where a person enters into an agreement with their creditors without being made bankrupt.

Under the Corporations Act if you are bankrupt or have entered into a personal insolvency agreement you are automatically disqualified from managing corporations and cease to be a director, alternate director or secretary of a company unless you have been given leave by the Court to manage corporations.

Related links

Bankruptcy and Personal Insolvency Agreements

 

 

What's new

ASIC reports on corporate insolvencies 2017–18

ASIC has published its annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2017–18 financial year. 18-342MR. 14 November

Report On Company Activities and Property (ROCAP)

After an extensive revision process and industry consultation conducted through an external consultant, ASIC has released the new ROCAP - Report On Company Activities and Property to replace the RATA. 

 

Industry funding

The Government has introduced new laws that change the way ASIC is funded. Regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year. Find out what this means for registered liquidators.

 

Quicklinks

Insolvency Law Reform Act 2016

Releases on insolvency

Liquidator registration applications

Insolvency statistics

 

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ASIC Corporate Insolvency Update

Published notices

View insolvency and deregistration notices on the published notices website.

ASIC and registered liquidators

Last updated: 23/03/2016 03:13