Unit of competency Outline

Date retreived
22/07/2026 12:54 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Respond to corporate insolvency situations

Respond to corporate insolvency situations

Unit of competency
National Code
FNSCRD515
State Code
OBR87
TGA Status
Current
DTWD Status
Approved
Current Release Number
2.00
Current Release Date
27/01/2022
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
35
Description
This unit describes the skills and knowledge required to determine actions and respond to corporate insolvency and its effect on creditors in an insolvency situation.The unit applies to individuals who are in managerial and other specialist positions of responsibility who deal with insolvent situations and apply monitoring and reviewing techniques to perform their work.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Monitor and analyse potential risk of corporate insolvency
  • 1.1 Identify factors in corporate client accounts that may contribute to corporate insolvency
  • 1.2 Analyse potential risk factors and impact on creditor organisation
  • 1.3 Analyse impact of insolvency options that may be taken by liquidator, administrator, receiver or other third party
  • 1.4 Consult with person/s as established in organisational policy and procedures to determine if action is required
2. Determine action
  • 2.1 Evaluate corporate insolvency actions in accordance with 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 corporate insolvency situation and implement response.
  • 3.1 Determine mechanisms to identify contributing factors
  • 3.2 Evaluate causes of corporate insolvency and review organisational procedures
  • 3.3 Implement recommendations from review
No information
No information
Replaces
State Code National Code Title Type
AUQ73 FNSCRD505 Respond to corporate insolvency situations Unit of competency