Unit of competency Outline
Date retreived
23/07/2026 1:10 PM AWST
23/07/2026 1:10 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 personal insolvency situations
Respond to personal insolvency situations
Unit of competency
National Code
FNSCRD501
FNSCRD501
State Code
AUQ68
AUQ68
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
30
Description
This unit describes the skills and knowledge required to monitor personal insolvency, analyse risk impact on creditors and determine required actions. It applies to individuals who may use a range of managerial techniques to analyse and review actions performed in their job role. 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. Monitor status of insolvency and analyse potential risk
- 1.1 Identify factors in client accounts that may contribute to a possible personal insolvency situation and risk factors to the organisation
- 1.2 Assess impact of insolvency options that may be taken by a trustee or other third party
2. Determine appropriate action
- 2.1 Evaluate personal insolvency actions in accordance with legislative rights and obligations of both debtor and creditor
- 2.2 Complete appropriate documentation in accordance with legislative requirements and organisational policy and procedures to implement appropriate action and commence legal proceedings
3. Review circumstances which led to the personal insolvency situation
- 3.1 Evaluate causes for insolvency and review procedures to prevent recurrence of loss, contributing factors and exposure
- 3.2 Implement outcome of review, as required
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4088 | FNSCRD501A | Respond to personal insolvency situations | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OBR74 | FNSCRD511 | Respond to personal insolvency situations | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| AWA8 | FNS51515 | Diploma of Credit Management | Qualification |