An IP is appointed to all formal insolvency proceedings. Broadly speaking, there are three types of formal insolvency regimes in Australia: liquidation, voluntary administration and receivership. The roles of the IP are different in each case, as are the qualifications.
In a liquidation, a liquidator is appointed to take control of the company’s property and apply it to discharge its debts as soon as practicable. In a provisional liquidation a court appoints a provisional liquidator to maintain the status quo.
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