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’.
Form 524 may be filled out to document and quantify the progress of an administration, and in circumstances where the practitioner is ceasing to act in the administration.
A presentation of accounts and statement includes:
- The name and ACN/ABN of the insolvent company
- A breakdown of the company’s 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
Information about Form 524 and a link to download it can be found on the ASIC website here.