This document provides a summary of the most common Australian formal corporate insolvency regimes, namely:
- voluntary administration;
- receivership; and
- winding up.
It also covers creditors’ schemes of arrangement which are increasingly being used in larger restructurings. Some other types of formal insolvency regimes that are less common are not covered and are beyond the scope of this document, for example, provisional liquidation and informal insolvency mechanics, such as workouts.