| 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 Corporation sAct |
| VOLUNTARY ADMINISTRATION |
| Voluntary Administration |
Directors or Mortgagee |
Control handed to Administrator to recommend best course. |
Registered Liquidator |
Administrator |
Corporations Act |
