Introduction to Insolvency Program

The Introduction to Insolvency Program (IIP) is a two-day face-to-face interactive course that provides new entrants to the profession with an understanding of the fundamentals of corporate insolvency and provides a stepping-stone to further learning.

It has a strong focus on some of the practical and challenging issues that participants will encounter on the job and is an essential foundation for understanding the practice of formal insolvency.

Who should attend

The course is suitable for all new entrants to the insolvency industry, especially those just beginning their career or entering the industry laterally.  

Those most likely to benefit include graduates, cadets, accountants, solicitors, bankers, credit managers and regulators. Practice service staff may also benefit from completion of the course.

Prerequisites

There are no prerequisites for the Introduction to Insolvency Program. However, we recommend you have three months experience prior to attending this course.

Learning objectives

  • Describe each of the different types of formal insolvency appointments and how they interact.
  • Give a brief explanation on the PPSA regime.
  • Explain the structure of the Corporate Act and Bankruptcy Act post commencements of the Insolvency Law Reform Act.
  • Undertake research of straight forward matters encountered on insolvency engagements using the Corporations Act, Bankruptcy Act, ARITA Code, reference materials and the internet;
  • Outline the procedures involved in completing a:
    • Creditors’ Voluntary Liquidation (and compare that to a Court Liquidation).
    • Voluntary Administration and Deed of Company Arrangement.
    • Receivership.
    • Bankruptcy.
  • Explain the different types of recoverable transactions and be able to identify those transactions from a set of facts.
  • Adjudicate on the proofs of debt, explain the type of supporting documentation required for proofs of debt, rank the creditors claims in order of priority, explain the process to declare a dividend, and calculate available funds.
  • Explain the importance of the proper handling of creditor queries and be able to respond to a range of common creditor queries.
  • Give brief explanations on lodgments with ASIC using EXAD, time recording, filing systems, file notes, insolvency accounting systems, insurance and FEG, and
  • Complete a Form 524 (Receipts and Payments) and a basic RATA (Note the training will cover existing forms until ASIC releases updated ones for the ILRA - information on updated forms will be provided to attendees that complete the course prior to new forms being released).

Course content

  • Overview of Insolvency.
  • Legislation, Research Materials, ARITA Code and an introduction to PPSA.
  • Liquidations.
  • Voluntary Administrations & Deeds.
  • Receiverships.
  • Bankruptcy.
  • Investigations.
  • Proofs of Debt.
  • Dividends.
  • Dealing with creditors.
  • Administrative issues.
  • Completing Forms .

Please note: 
- This course provides only a limited overview of personal insolvency.
- The course material has undergone a complete review and refresh in 2017 and has been updated for the Insolvency Law Reform Act.               

Assessment

There is no formal assessment in the IIP. Students that successfully complete the two-day course receive an electronic certificate of attendance.

Trainers

All IIP courses are conducted by trainers with extensive experience in insolvency, including practitioners, former practitioners, lawyers and academics.

Cost

2017: $1,315 (including GST)

You must be an ARITA Member to complete the course. Student membership is $180 per calendar year and will be automatically added to your cart if you are not a current Member.

Morning tea, lunch and afternoon tea are provided both days.

Course inclusions

Compulsory non-refundable Student Membership for the calendar year

The ARITA Student Membership is a prerequisite to register for this course. It is not transferable and is not refundable in the event of cancellation. Read more about the benefits of student membership on our membership page.

Time commitment

This is a two-day course, with seven hours commitment in each day.

CPD

14 CPD hours 

What do participants receive?

Prior to the course commencing students will be provided with:

  • Pre-course reading materials that provide an ongoing valuable reference source.
  • An online quiz to assess their understanding of the pre-course reading materials; and
  • ARITA’s Handbook for the current year, which contains ARITA’s Code of Professional Practice and extracts of relevant legislation. 

At the course students will receive:

  • Numerous handouts covering the course content.
  • Exercises to reinforce learning; and
  • Suggested solutions to all exercises.

In-house training

ARITA offers its members the opportunity to hold in-house courses solely for their staff.
More information

Upcoming courses

Please see our enrolment & cancellation policy. For further information contact our education team.

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