Course Title: Implement an insolvency program

Part B: Course Detail

Teaching Period: Term2 2017

Course Code: ACCT5391C

Course Title: Implement an insolvency program

School: 650T Vocational Business Education

Campus: City Campus

Program: C6148 - Advanced Diploma of Accounting

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Bruce Phillips

Ph: 9925 5735

Nominal Hours: 70

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites


Course Description

This unit describes the skills and knowledge required to evaluate options, establish timelines and objectives, and monitor progress and plans for business insolvency.

It applies to individuals who use specialised knowledge and skills to analyse complex financial situations and implement recommended options.

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.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC611 Implement an insolvency program


1. Evaluate options for insolvency

Performance Criteria:

1.1 Identify, locate and secure assets and liabilities to be included in insolvency

1.2 Interpret insolvency plans to determine operational decisions in consultation with stakeholders

1.3 Estimate potential returns from realisation of assets from assessment of market values, and fees and expenses

1.4 Identify, evaluate and resolve claims of creditors using agreed criteria and standard accounting practices

1.5 Make decisions regarding insolvency using agreed criteria


2. Establish timelines and objectives

Performance Criteria:

2.1 Develop and confirm milestones for completion of project tasks as part of insolvency plan

2.2 Develop implementation schedules with defined target dates and communicate to stakeholders

2.3 Allocate operational liaison and reporting responsibilities to ensure completion of tasks


3. Monitor progress

Performance Criteria:

3.1 Identify, acquire and validate data relevant to insolvency program

3.2 Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct

3.3 Support day-to-day administration of program through liaison and regular reporting

3.4 Assess delays in implementation and develop and negotiate solutions

3.5 Ensure recommendations to clients are clear, concrete and based on reasoned examination of data

Learning Outcomes

Details of Learning Activities


A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered through various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment. We expect you to participate and contribute in all scheduled learning activities.


Teaching Schedule


Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

With respect to the part-time (flexed ) students, in-class work will account for 28 of the total nominal hours of 80, and in-class work will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises, and tests and an assignment in which parts involve a simulated/real workplace environment.

The hours of self-directed learning by part-time students (52 of the 80 total nominal hours) will be taken up with reading, research, set work on exercises and the completion of an assignment outside scheduled class time. The schedule for part-time students will comprise 14 by 2-hourly classes with two, 1-hourly collaborate sessions, scheduled to be notified. With respect to the online collaborate sessions, part-time students must ensure that they have Java Script installed on their computer (can be installed from ) and a headset with a microphone.  

 The Teaching Schedule for this course is as follows but please note that it is subject to change. The mid semester break is from 13th April to 19th April Classes resume on 20th April 2017. Part time students will be on the same timetable as the full time students, except the classes for two weeks (evenings) will be conducted via a Collaborate session








Intro to insolvency, role of AFSA and ASIC




Intro to bankruptcy: history, purposes, voluntary & involuntary, timing & dates




Intro to bankruptcy: history, purposes, voluntary & involuntary, timing & dates




Going bankrupt

 Mult choice



Impact of bankruptcy




Administration of bankruptcy




Presentations, quiz, work on case study 1

Mult choice test



Liquidations: Intro, purposes, overview, creditors voluntary winding up

Case study 1 due





 Mid semester break (1 week)




Liquidations: Intro-compulsory winding up, grounds, commencement, ASIC, courts, Creditors, liquidators




Voluntary & compulsory winding up: incl non-compliance with statutory demand, grounds, winding up procedures, hearing




Provisional liquidation

 mult/choice 3



The effect of winding up




Assets available to the liquidator




Final quiz, work on the case study part 2, presentations

 mult/choice 4

case study 2







Resits, feedback, resubmissions








Learning Resources

Prescribed Texts


Other Resources

Resources will be placed on the blackboard(MYRMIT) from time to time.

Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • analyse relevant financial data and evaluate potential insolvency options that comply with statutory requirements
  • establish timelines and objectives for an insolvency plan
  • monitor progress and adjust plan as required

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • explain the key features of comprehensive practices and principles of insolvency administration
  • identify and describe depreciation methods allowed by tax authorities
  • outline the key duties and responsibilities of insolvency administrators and liquidators
  • identify and discuss the key ethical considerations for the handling of financial insolvency such as:
    • conflict of interest
    • confidentiality
    • disclosure requirements
  • identify and describe the forms and functions of employee records
  • identify and explain the key features of legislation relating to insolvency management, covering the following:
    • corporations
    • taxation assessment
    • workplace relations
    • privacy
    • consumer and competition
  • identify and explain the key principles and practices of double-entry bookkeeping and accrual accounting in budgetary control
  • explain the valuation and processes for asset disposal


Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field  of work and include access to:

  • common office equipment, technology, software and consumables.
  • an integrated financial software system and data

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.


Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 

Assessment Tasks


TASK 1 Individual assignment  (due dates: 2 instalments 27/3/17, and final submission 15/5/17). This assignment will have a personal insolvency case, and involve a selected corporate insolvency.  As it is a competency based assessment then a competent (CA) grade must be achieved. It will be made available in approx. week 3.

TASK 2  Four Multiple choice quizzes consisting of 10 multiple choice items covering the first 13 weeks of materials. It is open book. This is formative assessment, so it is not used to determine whether you are competent or not, but rather to authenticate the evidence the teacher gathers from your assignment.

It is in-class and under test conditions.

TASK 3 Consists of two (2) presentations. The first presentation is on a topic chosen by your teacher. The second presentation is on an aspect of your assignment (part 2). Talks are of 4 minutes duration. Students present on their own. Marks will be heavily deducted for reading from notes or powerpoints. Other students are expected to give feedback to the student presenting the talk.



Assessment Matrix

The assessment matrix that maps all the assessment is available on Blackboard.

Other Information


Submission requirements:

Assessment tasks will be submitted to your teacher in class and the assignment/case study should include a signed cover sheet.

You should ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for special consideration. Information on the process and application forms is available at;ID=Is0ydfokry9rz (unresolved)   website.

Always retain a copy of your assessment tasks (hard copy and soft copy).

When you submit work for assessment at RMIT University you need to include a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet is available from the Student forms website.

Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example:

Julie Maccas 3245467, task 2, OHS2345C Ensure safe workplace, Page 1 of 10


Late submission Procedures

Ensure assignments are completed by the due dates. If you are prevented from submitting an assessment on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to 7 calendar days. For more information:

Form to use:

Where an extension of greater than seven days is needed, you must apply for special consideration, submitted no later than 2 working days after the assessment task deadline or scheduled exam/test.

More information:;ID=g43abm17hc9w (unresolved)

Form to use:

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task ( or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.

If you are still not meeting the assessment requirements you must apply to your program manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible .

Grading & re-submissions

Re-submissions do not contribute to your overall grade for the course.



Adjustments to Assessment:

In certain circumstances students will be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:;ID=7usdbki1ft31



Course Overview: Access Course Overview