Creditors Voluntary Liquidation (CVL): Process, Costs and Director Duties
Creditors voluntary liquidation (CVL) is a formal insolvency process under Part 5.5 of the Corporations Act 2001 (Cth) that lets the directors and shareholders of an insolvent company voluntarily appoint a registered liquidator to wind it up — without waiting for a court order or creditor action. The directors resolve that the company is insolvent, the shareholders pass a special resolution (75% of votes cast, s 491(1)), and the liquidator sells the company’s assets and distributes the proceeds to creditors in the order set by s 556. If winding up begins within the 21-day window of a non-lockdown director penalty notice, the director penalty is remitted under Division 269 of Schedule 1 to the Taxation Administration Act 1953.
If you’re reading this late at night with a company that can’t pay its debts, know this: a CVL is not an admission of personal failure. It is the orderly, lawful way to close an insolvent company — and choosing it yourself, at a time you control, is very different from being dragged into court by a creditor.
Need to talk it through now? Call 0468 061 936 for a confidential, no-obligation conversation, or send an enquiry and we’ll call you back.
On this page
What is a creditors voluntary liquidation?
A CVL is the most common way an insolvent Australian company is wound up. Unlike a court liquidation — where a creditor applies to have the company wound up, usually after an unpaid statutory demand — a CVL is started by the company itself. The directors recognise the company is insolvent, the shareholders resolve to wind it up, and an ASIC-registered liquidator takes over.
Directors usually initiate a CVL because it:
- halts creditor recovery pressure — once winding up begins, unsecured creditors generally can’t continue individual recovery action against the company and must instead prove their debts in the liquidation (see ASIC’s liquidation guide for creditors);
- ends the daily grind of insolvent trading risk — every extra day an insolvent company trades adds to a director’s personal exposure under s 588G of the Corporations Act;
- can remit a non-lockdown director penalty — if winding up begins within the 21-day DPN window (more on this below);
- is faster, cheaper and more controlled than a court winding up — the company chooses the liquidator and the timing, rather than reacting to a court order; and
- closes the company properly — creditors are dealt with in one lawful process, employees can access government support for unpaid entitlements, and the director can eventually move on.
Only an ASIC-registered liquidator can be appointed to administer a liquidation. Restructure Partners is an advisory — we help you understand whether a CVL is genuinely the right path, prepare properly, and connect you with registered liquidators who administer the process.
Signs your company may need a CVL
The legal test for insolvency is in s 95A of the Corporations Act: a company is solvent only if it can pay all its debts as and when they become due and payable. It is a cash-flow test, not a balance-sheet test — a company with valuable assets can still be insolvent if it can’t actually pay this month’s bills.
Warning signs directors typically see before a CVL becomes necessary:
- Recurring cash-flow shortfalls — juggling which creditors get paid each week, or paying old invoices with new revenue.
- Growing ATO debt — unpaid PAYG withholding, GST or superannuation guarantee charge is often the first debt a struggling company stops paying. If tax debt is the core problem, start with our ATO debt guide.
- A director penalty notice or letter of demand — the ATO escalating from statements to formal recovery.
- A statutory demand — a creditor’s demand under s 459E of the Corporations Act. If it isn’t paid, secured, or set aside within 21 days, the company is presumed insolvent (s 459C) and can be wound up by the court.
- Living on the overdraft or director loans — the company only survives because you keep tipping in personal money.
- Your accountant has told you the company is insolvent — or can’t tell you it’s solvent.
Two or three of these together usually mean it’s time for a hard conversation about solvency — not necessarily a liquidation, but a proper look at all the options.
Is a CVL the right tool — or should you restructure?
Quick answer: a CVL suits a company whose business is no longer viable. If the underlying business is worth saving, a restructuring process may protect more value:
- Small Business Restructuring (SBR) — if total liabilities are $1 million or less, tax lodgements are up to date and employee entitlements are paid, the company may be able to propose a debt compromise to creditors while the directors stay in control and the business keeps trading.
- Voluntary administration (VA) — an administrator takes control and investigates whether the company (or its business) can be saved, often through a deed of company arrangement. Available to companies of any size.
- CVL — the business has no realistic future, and the responsible step is an orderly wind-down.
A common and costly mistake is liquidating a business that could have been restructured — or restructuring a business that was never going to survive, and paying twice. This is exactly the fork in the road where independent advice earns its keep. The comparison table below sets the three processes side by side.
The legal framework behind a CVL
A CVL is governed by several parts of the Corporations Act 2001 and its subordinate rules:
- Part 5.5 — voluntary winding up: the resolutions, the appointment, and the effect on the company (including ss 491–510).
- Part 5.6 — winding up generally: proofs of debt, and the priority order for paying creditors in s 556.
- Part 5.7B — recovering property for creditors: voidable transactions such as unfair preferences (s 588FA) and uncommercial transactions (s 588FB), plus the insolvent trading provisions (s 588G) and the safe harbour (s 588GA).
- Sections 596A–596F — public examinations, which let the liquidator (or ASIC) examine directors and others under oath about the company’s affairs.
- Schedule 2 — the Insolvency Practice Schedule (Corporations) — the rules governing registered liquidators, their remuneration, and creditors’ rights to information and meetings.
- Insolvency Practice Rules (Corporations) 2016 — the detailed procedural rules, including the initial information the liquidator must give creditors (r 70-30).
You don’t need to memorise any of this. But it helps to know that every step of a CVL — from the first resolution to the final dividend — follows a prescribed statutory sequence administered by a registered, regulated professional.
Key timeframes in a CVL
| When | What happens |
|---|---|
| Before day 1 | Directors take advice, resolve that the company is insolvent and should be wound up, and obtain a registered liquidator’s written consent to act. |
| Day 1 | Shareholders pass the special resolution (s 491(1)); the liquidator is appointed and the winding up begins (s 513B). The company must cease business except as needed for a beneficial winding up (s 493), and the directors’ powers cease (s 499(4)). |
| Next business day | Notice of the appointment is published on ASIC’s Published Notices website (see ASIC’s CVL lodgement flowchart). |
| Within 5 business days | Directors give the liquidator a report on the company’s business, property, affairs and financial circumstances — the ROCAP (s 497). |
| Within 10 business days | The liquidator sends creditors a summary of the company’s affairs, a list of creditors, and initial information about their rights (s 497; Insolvency Practice Rules r 70-30). There is no automatic first creditors’ meeting under current law — creditors can request one. |
| Within 14 days | The liquidator lodges formal notice of the appointment (Form 505) with ASIC. |
| Within 21 days of a non-lockdown DPN | Winding up must begin within this window for the director penalty to be remitted — see the 21-day deadline explained. |
| 6–12 months (standard; simplified 2–6 months) | Investigations, asset realisation, any dividend to creditors, and finalisation — complex matters run longer. ASIC deregisters the company about three months after the liquidator lodges the end-of-administration return (s 509). |
Who can use a CVL?
Eligibility is deliberately broad:
- Any insolvent company can enter a CVL — in practice, mostly proprietary limited (Pty Ltd) companies.
- There is no minimum or maximum debt threshold. A company owing $80,000 and a company owing $8 million can both use the process.
- Shareholder approval is required — a special resolution needs at least 75% of the votes cast (s 491(1)). In most small companies the directors and shareholders are the same people, so this is straightforward. A members’ meeting ordinarily needs 21 days’ notice, but shareholders holding at least 95% of the votes can agree to short notice (s 249H), which is why an SME CVL can commence within days when needed.
- Groups and regulated businesses need extra planning. Corporate groups, trustee companies, and businesses holding licences (building, credit, AFSL) involve additional steps — get specific advice before resolving anything.
One restriction worth knowing: once a court winding-up application has been made against the company, it generally cannot resolve to wind itself up voluntarily without court leave (s 490). If a creditor has already filed, timing matters — call 0468 061 936 before the hearing date, not after.
How a creditors voluntary liquidation works, step by step
- Get advice and test solvency. An adviser works through the s 95A cash-flow test with you, checks whether a rescue path (SBR or VA) is realistic, and whether safe harbour protection applies while you decide. This is also when a registered liquidator is identified and provides a written consent to act.
- The directors resolve to recommend winding up. The board resolves that the company is insolvent and should be wound up, and convenes the shareholders’ meeting (with short notice if 95% of shareholders agree — s 249H).
- Day 1 — the special resolution and appointment. Shareholders pass the special resolution to wind the company up (s 491(1)) and the liquidator is appointed. Winding up begins that day (s 513B). The company must stop trading except so far as the liquidator considers it needed for a beneficial winding up (s 493), and the directors’ powers cease (s 499(4)).
- The first month — notices and disclosure. The appointment is published on ASIC’s Published Notices website by the next business day; the directors deliver the ROCAP within 5 business days; the liquidator sends creditors the summary of affairs, creditor list and their statutory rights within 10 business days (s 497; r 70-30) and lodges the Form 505 appointment notice with ASIC within 14 days.
- Investigation and asset realisation. The liquidator collects and sells the company’s assets, reviews the books for voidable transactions under Part 5.7B — such as unfair preferences paid to some creditors (s 588FA) or assets sold at undervalue (s 588FB) — and examines whether directors may have traded while insolvent. The liquidator must report suspected offences and misconduct to ASIC (s 533), and can seek public examinations of directors and others under ss 596A–596B where needed.
- Dividends to creditors. If funds allow, creditors lodge proofs of debt and the liquidator pays them in the strict order set by s 556 — liquidation costs first, then priority employee entitlements, then unsecured creditors sharing proportionately.
- Finalisation and deregistration. The liquidator lodges an end-of-administration return, and ASIC deregisters the company about three months later (s 509). The company ceases to exist.
Director duties and risks in a CVL
A CVL ends the company, but it does not end your obligations. Understanding them upfront removes most of the fear.
Your duty to assist the liquidator
Under s 530A of the Corporations Act, officers must help the liquidator: deliver the company’s books and records, complete the ROCAP honestly, attend on the liquidator and answer questions as reasonably required, and never conceal or remove company property. Failing to comply is an offence. Directors who cooperate openly rarely have difficulty here — the directors who get into trouble are the ones who hide things.
Public examinations
The liquidator (or ASIC) can summon a company officer for a mandatory public examination under s 596A, and other people connected with the company under s 596B. Examinations are conducted under oath before the court. They are far more likely where records are missing or transactions look questionable — another reason full, early disclosure is the safest strategy.
Insolvent trading
Under s 588G, a director can be personally liable for debts the company incurred while insolvent where there were reasonable grounds to suspect insolvency. Consequences can include compensation orders equal to the debts incurred, civil penalties for an individual of up to the greater of 5,000 penalty units or three times the benefit derived, disqualification — and criminal prosecution where dishonesty is involved (s 588G, s 1317G Corporations Act 2001). See ASIC’s guidance for directors on insolvency. The practical takeaway: the longer an insolvent company keeps trading, the larger this exposure grows. Acting promptly is itself a defence strategy.
Safe harbour
Section 588GA protects directors from insolvent trading liability for debts incurred while developing or taking a course of action reasonably likely to lead to a better outcome for the company than immediate administration or liquidation. Safe harbour has conditions — including that employee entitlements are being paid and tax lodgements are up to date — and it protects the decision-making period, not indefinite trading. If you’re weighing a CVL against a restructure, safe harbour is designed for exactly that window. Ask about it early.
What doesn’t go away
Be clear-eyed about what a CVL does not remove:
- Personal guarantees. If you guaranteed a supplier account, lease, or loan, the creditor can pursue you personally regardless of the liquidation.
- Secured debts over personal assets — for example, a business loan secured against your home.
- Lockdown director penalties — covered next.
If any of those three applies to you — a guarantee, a secured personal asset, or a lockdown DPN — your personal position needs mapping before the company decision is made. Call 0468 061 936 for a confidential, no-obligation conversation, or send an enquiry.
CVLs and director penalty notices
This is where timing can change a director’s personal position, so let’s be precise.
A director penalty notice makes a director personally liable for the company’s unpaid PAYG withholding, GST, or superannuation guarantee charge. Under Division 269 of Schedule 1 to the Taxation Administration Act 1953 and the ATO’s DPN guidance:
- Non-lockdown DPN — issued where the company lodged its returns on time but didn’t pay. The penalty is remitted if, within 21 days of the notice, the debt is paid, a restructuring practitioner or administrator is appointed, or the company begins winding up. A CVL resolution passed within the window is a remitting event — the winding up begins on the day the special resolution is passed (s 513B). This is the statutory rule, not a loophole — but the 21 days run from the date on the notice, not the date you open the envelope, so there is no slack in the timeline. See the 21-day deadline explained.
- Lockdown DPN — issued where returns were lodged late. The personal liability is already permanent, and a liquidation does not remove it. A CVL may still be the right step for the company, but your personal position needs its own strategy — see our lockdown DPN guide.
Inside the liquidation itself, the ATO has no special priority: its debts rank as ordinary unsecured claims alongside suppliers and other creditors in the s 556 order (see ASIC’s liquidation guide for creditors). The liquidator notifies the ATO of the appointment, and the ATO proves for its debt like any other unsecured creditor.
How much does a CVL cost?
Liquidator fees vary with complexity, but typical market ranges in Australia are:
| Scenario | Typical cost range | Usually funded by |
|---|---|---|
| Simple or simplified liquidation — small company, little or no assets, few creditors, clean books (including the statutory simplified liquidation track) | $4,000–$8,000 | Directors, paid upfront |
| CVL with assets to realise — plant, stock, debtors, a vehicle fleet | $8,000–$15,000 | Asset realisations, topped up by directors if needed |
| Complex CVL — litigation, many creditors, voidable transaction recoveries, group structures | $15,000–$50,000+ | Asset realisations and, in some cases, litigation funding |
These are typical ranges, not quotes — every appointment is priced on its facts, and a liquidator’s remuneration must be approved (usually by the creditors) under the remuneration rules in the Insolvency Practice Schedule. Any registered liquidator will give you a written fee estimate before you appoint — get one (or two) before deciding.
What drives costs up: poor or missing books and records, disputes with creditors or between directors, assets that are hard to sell, related-party transactions that need unwinding, and employee entitlement complexity.
If the company has no funds at all, options still exist: some liquidators accept a fixed upfront fee funded personally by the directors, some defer fees against expected asset realisations, and in recovery-heavy matters litigation funders can carry the cost. “We can’t afford to liquidate” is rarely actually true — and continuing to trade insolvent because liquidation seems expensive is the most expensive choice of all.
Not sure what your situation would cost? Call 0468 061 936 for a confidential, no-obligation conversation — we’ll talk through which range situations like yours typically fall into, how to get a written estimate from a registered liquidator, and whether a CVL is even the right move. Or send an enquiry and we’ll call you.
CVL vs voluntary administration vs SBR
| Feature | CVL | Voluntary administration | Small Business Restructuring |
|---|---|---|---|
| Eligibility | Any insolvent company; 75% special resolution of shareholders | Any company that is insolvent or likely to become insolvent; board resolution | Total liabilities $1 million or less, tax lodgements up to date, employee entitlements paid, no SBR or simplified liquidation in the last 7 years |
| Who controls the company | Liquidator — directors’ powers cease | Administrator — directors’ powers suspended | Directors stay in control, working with a restructuring practitioner |
| Purpose | Orderly wind-up and closure of a non-viable company | Rescue the company or business, or achieve a better return than immediate liquidation | Compromise debts and keep the company trading |
| Moratorium on creditor claims | Unsecured creditors must prove in the winding up; individual actions generally stayed | Broad moratorium during the administration | Moratorium on most unsecured creditor enforcement during the plan proposal period |
| Typical cost | Generally the lowest-cost formal wind-up (ranges above) | Usually the most expensive of the three | Generally cheaper than VA; costs weighted to the plan stage |
| Usual outcome | Assets sold, dividends paid in the s 556 order, company deregistered | Deed of company arrangement, return to directors, or liquidation | Restructuring plan binding creditors; company continues |
| Effect on a non-lockdown DPN | Remits the penalty if winding up begins within the 21 days | Remits the penalty if the administrator is appointed within the 21 days | Remits the penalty if the practitioner is appointed within the 21 days |
No option remits a lockdown DPN — for any of the three, that personal liability stays and needs its own plan.
What happens to employees and suppliers
Employees. Employment contracts usually end on the liquidator’s appointment. Employees then rank ahead of ordinary unsecured creditors for their entitlements in the s 556 priority order — broadly: liquidation costs first, then unpaid wages and superannuation, then leave entitlements, then retrenchment pay, and only then unsecured creditors (see ASIC’s guidance for employees). Where the company’s assets can’t cover employee entitlements, the Australian Government’s Fair Entitlements Guarantee (FEG) lets eligible employees claim capped unpaid wages, annual leave, long service leave, payment in lieu of notice, and redundancy pay. FEG does not cover superannuation — which is one reason unpaid super attracts the DPN regime and should be the first thing a struggling company keeps current.
Suppliers and other unsecured creditors. Ongoing contracts generally come to an end, and amounts owed become claims in the liquidation. Unsecured creditors share proportionately in whatever remains after priority claims. Suppliers with valid retention-of-title arrangements or security interests registered on the PPSR stand outside that pool for their secured property. Directors often carry real guilt about suppliers they know personally — a CVL at least treats everyone under one transparent, legally supervised process rather than an ad-hoc scramble where whoever shouts loudest gets paid.
Life after a CVL
- Your personal finances. A company liquidation is not personal bankruptcy. Your personal assets are untouched by the liquidation itself — exposure generally arises through the specific channels above: personal guarantees, secured lending, director penalties, and any insolvent trading or voidable transaction claims.
- The public record. The liquidation appears on ASIC’s registers and published notices, and the company is ultimately deregistered. There is no personal “black mark” register for directors of a single failed company.
- Being a director again. One liquidation does not disqualify you. ASIC can disqualify a person from managing corporations for up to five years under s 206F where they’ve been an officer of two or more companies wound up within seven years and liquidators have reported unpaid creditors — a real risk for serial failures, not for a director closing one business responsibly.
- Starting again — legally. Buying assets from the liquidator at fair market value through a transparent sale, and starting a genuinely new business, is lawful. What is not lawful is transferring the company’s assets out for less than market value to defeat creditors — a creditor-defeating disposition under the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020. Illegal phoenix activity carries criminal and civil penalties among the heaviest in the Corporations Act, and ASIC and the ATO actively pursue it. If anyone advises you to move assets to a new entity “before the liquidator gets involved,” walk away — that advice creates the personal liability a CVL is meant to resolve.
What this looks like in practice (hypothetical examples)
These are illustrative composites, not actual clients, and outcomes always depend on individual circumstances.
- Mark — building supplies. Mark’s company owed $420,000, mostly to trade suppliers and the ATO, after two major builder clients collapsed. The business had no path back to profit. A CVL let him close in an orderly way: the liquidator sold the stock and vehicles, employees claimed their entitlements through FEG, and Mark — who had kept lodgements current and clean books — finished the process without personal claims.
- Sarah — labour hire. Sarah received a non-lockdown DPN for $180,000 of unpaid PAYG withholding. Her company wasn’t viable, so within the 21-day window the shareholders resolved to wind up and a liquidator was appointed. Because winding up began inside the window, the director penalty was remitted under Division 269 — the statutory rule operating exactly as designed. Had she waited past day 21, that $180,000 would have become her personal debt.
- David — retail. David assumed liquidation was his only option until an adviser noticed his liabilities were under $1 million and lodgements were current. His company went through small business restructuring instead, and the shop kept trading. The point: get advice before choosing the tool.
Talk it through before you decide anything
Deciding to wind up a company you’ve built is one of the hardest calls a director makes — and it’s usually made harder by months of pressure, sleepless nights, and advice from people with something to sell.
Restructure Partners is an Australian restructuring and insolvency advisory. We help directors understand exactly where they stand, compare a CVL honestly against restructuring, administration and doing nothing, and — where liquidation is the right path — connect them with ASIC-registered liquidators who administer the process.
- Call 0468 061 936 — confidential, no obligation, and we’ll tell you straight if a CVL isn’t what you need.
- Or use the enquiry form and we’ll come back to you as soon as we can, always confidentially.
For the wider picture of winding-up options, start at our liquidation hub.
FAQ
What is a creditors voluntary liquidation?
A creditors voluntary liquidation (CVL) is a formal process under Part 5.5 of the Corporations Act 2001 in which the shareholders of an insolvent company pass a special resolution to wind the company up and appoint a registered liquidator. The liquidator takes control, sells the company’s assets, investigates its affairs, distributes any funds to creditors in the statutory order, and the company is then deregistered.
What is the difference between a creditors voluntary liquidation and a court liquidation?
In a creditors voluntary liquidation the directors and shareholders start the winding up themselves by resolution. In a court liquidation, a creditor — often the ATO — applies to the court for a winding up order, usually after a statutory demand has gone unmet. A CVL lets the company choose the timing and avoids the cost and publicity of court proceedings, but in both cases a registered liquidator takes control and the same investigations and duties apply.
What is the difference between a creditors voluntary liquidation and voluntary administration?
In a creditors voluntary liquidation the company is being wound up: a registered liquidator sells the assets, distributes the proceeds to creditors, and the company ceases to exist. In a voluntary administration, an administrator takes control to investigate whether the company or its business can be saved — often through a deed of company arrangement — or, failing that, to achieve a better return for creditors than an immediate winding up. An administration can still end in liquidation, but its purpose is rescue; a CVL’s purpose is an orderly closure.
What is the difference between a creditors voluntary liquidation and small business restructuring?
A creditors voluntary liquidation winds an insolvent company up: a registered liquidator takes control, sells the assets, and the company is deregistered. Small Business Restructuring (SBR) is a rescue process: a company with total liabilities of $1 million or less, tax lodgements up to date and employee entitlements paid can propose a debt compromise to its creditors while the directors stay in control and the business keeps trading. Broadly, a CVL suits a business with no realistic future; SBR suits a viable business carrying too much debt.
Does a creditors voluntary liquidation stop a director penalty notice?
It depends on the type of DPN. For a non-lockdown DPN, the director penalty is remitted if the company begins winding up within 21 days of the notice, so a promptly commenced CVL can remove that personal liability under Division 269 of Schedule 1 to the Taxation Administration Act 1953. A lockdown DPN cannot be remitted by liquidation — that personal liability remains regardless of what the company does.
What happens to my personal assets in a creditors voluntary liquidation?
A creditors voluntary liquidation is not personal bankruptcy — your personal assets are not touched by the liquidation itself. The main channels through which a director becomes personally exposed are: debts you personally guaranteed, loans secured against personal assets such as your home, director penalty notice amounts for unpaid PAYG withholding, GST or superannuation guarantee charge, money you owe the company, and insolvent trading or voidable transaction claims. Mapping those exposures before the company decision is made is the most valuable preparation a director can do.
How long does a creditors voluntary liquidation take?
A standard creditors’ voluntary liquidation commonly runs 6 to 12 months from the winding-up resolution to deregistration; a simplified liquidation typically completes in 2 to 6 months, and complex matters run longer. Liquidations involving litigation, voidable transaction recoveries, or difficult asset sales take the most time. The company itself stops trading almost immediately — the timeline mainly reflects how long the liquidator’s investigations and distributions take.
How much does a creditors voluntary liquidation cost?
A simple or simplified liquidation (small company, little or no assets — including the statutory simplified liquidation track) typically costs around $4,000 to $8,000, usually paid upfront by the directors. Where there are assets to sell, costs commonly run $8,000 to $15,000 and can often be paid from asset realisations. Complex liquidations can cost $15,000 to $50,000 or more. These are typical market ranges, not quotes — a liquidator’s remuneration must be approved, usually by creditors, under the Insolvency Practice Schedule.
What happens to employees in a creditors voluntary liquidation?
Employment usually ends when the liquidator is appointed. Employees rank ahead of ordinary unsecured creditors for unpaid wages, superannuation, leave and retrenchment pay under section 556 of the Corporations Act, and if the company cannot cover those entitlements, eligible employees can claim most of them — though not superannuation — through the Australian Government’s Fair Entitlements Guarantee scheme.
Can I be a director of another company after a creditors voluntary liquidation?
Usually, yes. A single liquidation does not disqualify you from managing companies, and starting a genuinely new business afterwards is legal. ASIC can, however, disqualify a person for up to five years under section 206F of the Corporations Act where they have been an officer of two or more companies that were wound up within seven years and liquidators reported unpaid creditors. Moving the old company’s assets to a new entity to defeat creditors is illegal phoenix activity and carries serious penalties.
This page is general information only, not legal or financial advice. Every director’s situation is different — deadlines, eligibility, and outcomes depend on your circumstances, so please seek advice from a qualified professional about your own position before acting. Sources: Corporations Act 2001 (Cth); Taxation Administration Act 1953, Schedule 1, Division 269; Insolvency Practice Rules (Corporations) 2016; ASIC — Insolvency: a guide for directors; ASIC — Liquidation: a guide for creditors; ASIC — Insolvency for employees; ASIC — Illegal phoenix activity; ATO — Director penalty notices; Fair Entitlements Guarantee (Department of Employment and Workplace Relations); Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020.