Unit of competency Outline

Date retreived
23/07/2026 4:57 AM AWST

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Implement an insolvency program

Implement an insolvency program

Unit of competency
National Code
FNSACC611
State Code
AUQ32
TGA Status
Current
DTWD Status
Approved
Current Release Number
2.00
Current Release Date
06/09/2018
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
80
Description
This unit describes the skills and knowledge required to evaluate options, establish timelines and objectives, and monitor progress and plans for business insolvency.It applies to individuals who use specialised knowledge and skills to analyse complex financial situations and implement recommended options.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Evaluate options for insolvency
  • 1.1 Identify, locate and secure assets and liabilities to be included in insolvency
  • 1.2 Interpret insolvency plans to determine operational decisions in consultation with stakeholders
  • 1.3 Estimate potential returns from realisation of assets from assessment of market values, and fees and expenses
  • 1.4 Identify, evaluate and resolve claims of creditors using agreed criteria and standard accounting practices
  • 1.5 Make decisions regarding insolvency using agreed criteria
2. Establish timelines and objectives
  • 2.1 Develop and confirm milestones for completion of project tasks as part of insolvency plan
  • 2.2 Develop implementation schedules with defined target dates and communicate to stakeholders
  • 2.3 Allocate operational liaison and reporting responsibilities to ensure completion of tasks
3. Monitor progress
  • 3.1 Identify, acquire and validate data relevant to insolvency program
  • 3.2 Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct
  • 3.3 Support day-to-day administration of program through liaison and regular reporting
  • 3.4 Assess delays in implementation and develop and negotiate solutions
  • 3.5 Ensure recommendations to clients are clear, concrete and based on reasoned examination of data
No information
No information
Replaces
State Code National Code Title Type
D4056 FNSACC611A Implement an insolvency program Unit of competency
State Code National Code Title Type
BDQ1 FNS60217 Advanced Diploma of Accounting Qualification
AWD8 FNS60215 Advanced Diploma of Accounting Qualification
BHW9 FNS60222 Advanced Diploma of Accounting Qualification