Insolvency practitioners are licensed professionals who take entities like individuals or companies through the process of insolvency (bankruptcy or liquidation). In Australia, there are four types of insolvency practitioners:
Registered trustees – registered by the Inspector General, registered trustees can administer personal insolvency.
Controlling trustees – these are registered trustees who have been given specialised authority by the Australian Financial Security Authority. Solicitors are also eligible to be controlling trustees if they have:
Been admitted to practice
Have membership in Australian Restructuring Insolvency & Turnaround Association - ARITA
Have completed an insolvency course
Registered debt agreement administrators – individuals or corporations registered with Australian Financial Security Authority who can administer certain debt agreements.
The Official Trustee in Bankruptcy – This is an official of the Australian Financial Security Authority who undertakes the process of insolvency where there is no registered trustee involved.