Unit of competency Outline
Date retreived
22/07/2026 2:37 AM AWST
22/07/2026 2:37 AM 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.
Implement an insolvency program
Implement an insolvency program
Unit of competency
National Code
FNSACC611A
FNSACC611A
State Code
D4056
D4056
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
24/11/2011
Field of Education
080101 - Accounting
Original Release Date
24/11/2011
Nominal Hours
80
Description
This unit describes the performance outcomes, skills and knowledge required to evaluate options, establish timelines and objectives, and monitor progress and plans for business insolvency.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Evaluate options for insolvency
- 1.1. Assets and liabilities to be included in insolvency are identified, located and secured
- 1.2. Insolvency plans are interpreted to determine operational decisions in consultation with stakeholders
- 1.3. Potential returns from realisation of assets are estimated from assessment of market values and fees and expenses
- 1.4. Claims of creditors are identified, evaluated and resolved using agreed criteria and standard accounting practices
- 1.5. Decisions regarding insolvency are made using agreed criteria
2. Establish timelines and objectives
- 2.1. Milestones for the completion of project tasks are developed and agreed as part of the insolvency plan
- 2.2. Implementation schedules are developed with defined target dates and communicated to stakeholders
- 2.3. Operational liaison and reporting responsibilities are allocated to ensure completion of tasks
3. Monitor progress
- 3.1. Data relevant to the insolvency program are identified, acquired and validated
- 3.2. Outcomes of the insolvency plan are analysed and documented in accordance with established forms of insolvency administration and statutory requirements
- 3.3. Day to day administration of the program is supported through liaison and regular reporting
- 3.4. Delays in implementation are assessed and solutions developed and negotiated
- 3.5. Recommendations to clients are clear, concrete and based on reasoned examination of data
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Assets and liabilities may include:
cash accounts
loans, leases and debts
personnel
plant and equipment
property investments
shares, bonds and securities
Stakeholders may include:
clients
employees
financial institutions
managers and company officers:
company directors
boards of management
suppliers.
Claims may include:
financial institution borrowings
lease owners
redundancy payments
salaries
superannuation payments
unpaid suppliers.
Agreed criteria may include:
decision making authorities
forecasted returns
net present values
periodic reports
strategic priorities.
Milestones may include:
compliance with scheduled payment dates
debt reduction targets
profits and losses
reports:
quarterly
half-yearly
annually
Implementation schedules may include:
budgeting periods
consultation schedules
evaluation of commercial viability timetable
liquidation dates
repayment schedules.
Reporting responsibilities may include:
administrator reports
availability of credit
commercial viabilities
compliance requirements
valuations.
Data may include:
Australian Bureau of Statistics (ABS) economic data
budgets and forecasts
credit ratings
financial markets monitoring services
financial statements and reports
market valuations.
Statutory requirements may include:
corporations law
delegated authorities
internal control procedures
reporting periods
taxation payment timings.
Delays may include:
court orders
creditor default
identification of ownership
industrial action
taxation assessments.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Assets and liabilities may include:
cash accounts
loans, leases and debts
personnel
plant and equipment
property investments
shares, bonds and securities
Stakeholders may include:
clients
employees
financial institutions
managers and company officers:
company directors
boards of management
suppliers.
Claims may include:
financial institution borrowings
lease owners
redundancy payments
salaries
superannuation payments
unpaid suppliers.
Agreed criteria may include:
decision making authorities
forecasted returns
net present values
periodic reports
strategic priorities.
Milestones may include:
compliance with scheduled payment dates
debt reduction targets
profits and losses
reports:
quarterly
half-yearly
annually
Implementation schedules may include:
budgeting periods
consultation schedules
evaluation of commercial viability timetable
liquidation dates
repayment schedules.
Reporting responsibilities may include:
administrator reports
availability of credit
commercial viabilities
compliance requirements
valuations.
Data may include:
Australian Bureau of Statistics (ABS) economic data
budgets and forecasts
credit ratings
financial markets monitoring services
financial statements and reports
market valuations.
Statutory requirements may include:
corporations law
delegated authorities
internal control procedures
reporting periods
taxation payment timings.
Delays may include:
court orders
creditor default
identification of ownership
industrial action
taxation assessments.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply statutory requirements to evaluate options for insolvency
establish timelines and objectives for an insolvency plan and monitor progress, adjusting as required.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
apply statutory requirements to evaluate options for insolvency
establish timelines and objectives for an insolvency plan and monitor progress, adjusting as required.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9618 | FNSACCT611B | Implement an insolvency program | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ32 | FNSACC611 | Implement an insolvency program | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S735 | FNS60210 | Advanced Diploma of Accounting | Qualification |