REP 836 Review of voluntary administration and deed of company arrangement process: 2021–2025

ASIC released Report 836 Review of voluntary administration and deed of company arrangement process: 2021-2025 on 7 July 2026, its first detailed published review of how voluntary administration and deed of company arrangement outcomes have operated in practice. The review covers 3,528 grouped appointments, comprising 5,020 companies, that entered voluntary administration between 1 July 2021 and 30 June 2025, with total liabilities of approximately 71 billion dollars and a median liability per appointment of 2.3 million dollars.

The review found that larger and more complex appointments were considerably more likely to result in a deed of company arrangement, with around 48.3 per cent of appointments involving companies with more than 10 million dollars in liabilities resulting in an approved deed, compared with 15.4 per cent of appointments involving companies with liabilities between 1 and 250,000 dollars. Around half of appointments that proceeded to a second creditors meeting included a deed proposal, and of those, 87 per cent were accepted by creditors. The median voluntary administration lasted 45 days, with an average of 66 days. Among deeds that were wholly effectuated, almost 90 per cent paid a dividend to unsecured creditors, with an average dividend of 21 cents in the dollar.

ASIC Commissioner Kate O'Rourke said the review provides a stronger evidence base for understanding how voluntary administration and deeds of company arrangement operate in practice, describing them as an important restructuring tool, particularly for larger and more complex companies. The report is a statistical and thematic review rather than a statement of new policy or law, and is aimed at registered liquidators, industry bodies, academics and policymakers considering the operation and potential reform of the regime.