Insolvency & creditors
Information to help creditors navigate their way through an insolvency or bankruptcy process.
You are a creditor if a company or person owes you money. Usually, a creditor is owed money because they have provided goods or services, or loaned money.
If the company or person that owes you money becomes bankrupt (insolvent), this will affect how you can pursue the unpaid debt.
Your rights will be different depending on whether it's a company (i.e. Pty Ltd) or an individual person that owes you money.
You will receive information from the person managing the bankruptcy. The information below explains what to expect in the bankruptcy or insolvency process.
Company owes you money
The following information relates to corporate insolvency e.g. liquidation, voluntary administration and receivership.
When a business goes bust – information for creditors of a business that goes bust from the Australian Competition and Consumer Commission.
Creditors' rights – explains what your rights are in different types of corporate insolvencies (Check the information you've been sent to see what type of corporate insolvency it is.):
Proposals without meetings – helps you understand what a proposal without a meeting is and what your rights as a creditor are.
Approving remuneration of an external administrator – gives general information to help you understand the process of approving an external administrator’s remuneration (fees) and your rights in this process.
Committees of inspection – helps you understand your rights and responsibilities as a member of a committee of inspection.
Offences, recoverable transactions and insolvent trading – a summary of offences under the Corporations Act that a corporate insolvency administrator may identify:
Individual person owes you money
The following information relates to personal insolvency e.g. bankruptcy, debt agreement or a personal insolvency agreement.
Options if you're owed money – a guide by the Australian Financial Security Authority.
Creditors' rights – explains what your rights are in a bankruptcy or other personal insolvency.
Approving a trustee’s remuneration – If you're a creditor in a personal insolvency you may be asked to approve the bankruptcy trustee’s remuneration (fees).
Committees of inspection – helps you understand your rights and responsibilities as a member of a committee of inspection.
Proposals without meetings – helps you understand what a proposal without a meeting is and what your rights as a creditor are.