Unit of competency Outline

Date retreived
23/07/2026 1:59 AM AWST

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Respond to corporate insolvency situations

Respond to corporate insolvency situations

Unit of competency
National Code
FNSCRD505
State Code
AUQ73
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
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
35
Description
This unit describes the skills and knowledge required to respond to corporate insolvency and its effect on creditors, and to determine actions required in an insolvency situation.It applies to individuals in positions of responsibility who may use managerial and other specialist techniques to perform their work. 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 corporate insolvency and analyse potential risk
  • 1.1 Identify factors in corporate client accounts that may contribute to possible corporate insolvency situations and risk factors to creditor organisation
  • 1.2 Analyse impact of insolvency options that may be taken by liquidator, administrator, receiver or other third party
  • 1.3 Discuss possible effects of actions with line manager if required to determine correct action
2. Determine appropriate action
  • 2.1 Evaluate corporate 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 to implement appropriate action and commence legal proceedings
3. Review circumstances which led to corporate insolvency situation
  • 3.1 Evaluate causes for corporate insolvency and review organisational procedures to determine mechanisms to identify contributing factors and prevent recurrence of loss and exposure to insolvency risk
  • 3.2 Implement outcome of review as required
No information
No information
Replaces
State Code National Code Title Type
D4092 FNSCRD505A Respond to corporate insolvency situations Unit of competency
Replaced By
State Code National Code Title Type
OBR87 FNSCRD515 Respond to corporate insolvency situations Unit of competency
State Code National Code Title Type
AWA8 FNS51515 Diploma of Credit Management Qualification
AWB7 FNS51815 Diploma of Financial Services Qualification