• What is a form 524?

    Form 524 is an official document that voluntary administrators, deed administrators, receivers and liquidators use to provide what is known as a ‘presentation of accounts and statement’.

    A presentation of accounts and statement includes:

    • The name and ACN/ABN of the insolvent company
    • A breakdown of the company‚Äôs assets and liabilities
    • The estimated number of creditors (and their category)
    • The estimated debts owed to these creditors
    • A record of any payments that have so far been received during the insolvency
    • A record of any payments that have so far been made during the insolvency
    • The appointment details of the administrator/receiver/liquidator
    • The fees that have so far been charged by the administrator/ receiver/liquidator
    • The date by which the administrator/ receiver/liquidator expects to complete the job
    • The estimated return that the administrator/ receiver/liquidator expects creditors to receive

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