Release 

Comments 

Release 1

This version first released with FNS Financial Services
Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Evaluate options for insolvency

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

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

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

Skill 

Performance Criteria 

Description 

Learning

1.1, 3.2, 3.5

• Analyses information to build own knowledge and personal competence relating to best practice in relevant area

Reading

1.1, 1.2, 1.4, 3.1

• Interprets and analyses complex written information and financial data to make recommendations and justify decisions

Writing

1.2, 2.1, 2.2, 3.2-3.5

• Prepares logically structured plans and reports that clearly and concisely explain complex relationships between relevant information, financial data and recommendations

Oral Communication

1.2, 2.2, 3.3-3.5

• Uses collaborative techniques, including active listening and questioning, to elicit, convey and clarify information with a range of personnel

Numeracy

1.3, 1.4, 3.2

• Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse, estimate and forecast financial data

Navigate the world of work

1.4, 1.5, 2.3, 3.3, 3.5

• Monitors adherence to legal and regulatory requirements, and recommends and implements changes to policies, procedures or processes where these are deemed necessary

Interact with others

1.2, 2.2, 3.3-3.5

• Collaborates with others to achieve mutually agreeable outcomes while maintaining confidences and ethical practices

Get the work done

1.1-1.5, 2.1-2.3, 3.1, 3.3

• Organises, plans and sequences own workload and schedules insolvency activity monitoring and reporting
• Uses problem-solving processes to identify insolvency planning issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise
• Applies systematic and analytical decision-making processes in situations that impact on the work of self and others
• Uses a range of digital technologies to access, extract and share relevant information using integrated financial systems

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC611 Implement an insolvency program

FNSACC611A Implement an insolvency program

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.