Unit of competency Outline

Date retreived
22/07/2026 2:45 PM AWST

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Respond to personal insolvency situations

Respond to personal insolvency situations

Unit of competency
National Code
FNSCRD511
State Code
OBR74
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
080101 - Accounting
Original Release Date
02/10/2020
Nominal Hours
30
Description
This unit describes the skills and knowledge required to monitor personal insolvency situations, analyse the risk impact on creditors and determine required actions.It applies to individuals who may use a range of managerial techniques to analyse and monitor personal insolvency situations performed in their job role. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Analyse potential risk of insolvency
  • 1.1 Identify factors in client accounts that may contribute to a possible personal insolvency situation and indicate risk factors to the lending organisation
  • 1.2 Assess impact of insolvency options that can be taken by a trustee or other third party
2. Determine action
  • 2.1 Evaluate personal insolvency actions for client according to legislative rights and obligations of both debtor and creditor
  • 2.2 Implement action according to legislative requirements, and organisational policy and procedures
  • 2.3 Prepare documents required for legal proceedings, if necessary
3. Review circumstances which led to the personal insolvency situation
  • 3.1 Evaluate causes of insolvency and review organisational procedures
  • 3.2 Implement recommendations of review
No information
No information
Replaces
State Code National Code Title Type
AUQ68 FNSCRD501 Respond to personal insolvency situations Unit of competency