ASIC’s REP 836 reviews voluntary administration and DOCA outcomes in Australia from 2021 to 2025, highlighting restructuring rates, liquidation outcomes and small business limits.
ASIC Releases Voluntary Administration and DOCA Operating Data for the First Time
On 7 July 2026, the Australian Securities and Investments Commission released Report 836,Review of voluntary administration and deed of company arrangement process: 2021–2025, systematically disclosing for the first time operating data on voluntary administration and deeds of company arrangement in practice in Australia. The report covers 3,528 group appointments that entered voluntary administration between 1 July 2021 and 30 June 2025, involving 5,020 companies.
ASICsaid the review aims to explain whenVAandDOCAare used, what outcomes they produce, and which types of businesses are more likely to obtain restructuring opportunities through these processes. The report was also released with an accompanying data pack, enabling registered liquidators, directors, creditors, industry bodies and policy researchers to further filter companies by industry, size and appointment outcome.
(Source: ASIC,REP 836 Review of voluntary administration and deed of company arrangement process: 2021–2025, published: 2026-07-07, report overview, Related links and Review population.)
This review provides a stronger evidence base for understanding how voluntary administration and deeds of company arrangement operate in practice.
Review Scope Covers Four Financial Years
ASIC’s review does not focus on a single corporate insolvency case, but instead provides an aggregated analysis of a sample of companies that entered voluntary administration between 1 July 2021 and 30 June 2025, the review period. The report uses a “group appointment” approach, treating related companies that entered voluntary administration on the same day and exited the process on the same day as one observation, in order to reduce data duplication caused by multiple companies within the same group entering the process simultaneously.
The review covered 3,528 group appointments, involving a total of 5,020 companies.
The review period ran from 1 July 2021 to 30 June 2025.
The sample companies had total liabilities of A$71 billion.
The median liability for each appointment was A$2.3 million.
Larger Businesses Were More Likely to Enter a DOCA
ASIC’s review shows that voluntary administration remains an important tool in Australia’s corporate insolvency and restructuring framework, but its effectiveness differs significantly between companies of different sizes. Among appointments that proceeded to a second creditors’ meeting, around half proposed a DOCA; of the cases where a proposal was made, 87% were ultimately accepted by creditors, representing around 44% of all voluntary administration cases.
(Source: ASIC,Media Release 26-144MR, published: 2026-07-07, Insights from ASIC’s review, Outcomes of VA appointments.)
| Indicator | Time or Scope | Data | News Significance |
|---|---|---|---|
| Review period | 1 July 2021 to 30 June 2025 | Four-year sample period | Reflects the medium-term operation of Australia’s voluntary administration process |
| Companies entering VA | Within the review period | 5,020 companies | The broad sample coverage supports observation of the regime’s practical effects |
| Group appointments | Within the review period | 3,528 | Used to address cases where related companies entered and exited the process at the same time |
| Proportion entering DOCA | All VA appointments | 44% | Nearly half of voluntary administrations ultimately converted into deeds of company arrangement |
| Proportion entering voluntary liquidation | All VA appointments | 50% | Liquidation remains one of the main outcomes following voluntary administration |
| Proportion entering court liquidation | All VA appointments | 6% | A minority of cases ultimately entered court liquidation |
| Proportion of high-liability appointments entering DOCA | Liabilities above A$10 million | About 48.3% | Larger and more structurally complex businesses were more likely to reach a restructuring arrangement |
| Proportion of low-liability appointments entering DOCA | Liabilities of A$1 to A$250,000 | About 15.4% | Smaller businesses found it more difficult to achieve a DOCA outcome through this process |
Creditor Acceptance Rate Shows the Filtering Effect of Restructuring Proposals
The report data shows that, among cases that proceeded to a second creditors’ meeting and proposed a DOCA, the creditor acceptance rate reached 87%. This result indicates that appointments reaching the formal proposal stage usually already had a certain basis in commercial viability, asset realisation pathways or funding arrangements. For creditors, the key issue in deciding whether to accept a DOCA is whether the expected recovery outcome is better than immediate liquidation.
First, after a company enters voluntary administration, the administrator investigates the company’s business, assets, liabilities and creditor interests.
Second, the administrator explains to creditors the available pathways for the company, including ending the administration, entering a DOCA or proceeding to liquidation.
Third, if an executable proposal exists, creditors may decide at a meeting whether to accept the DOCA.
Finally, after the DOCA is implemented, the company’s business may continue to operate, or creditor recoveries may be achieved through the sale of the business or assets.
DOCAs Used for Both Trading Continuation and Asset Sales
ASIC noted that a DOCA does not have only one use. Depending on the company’s specific circumstances, a DOCA may support continued trading, facilitate the sale of the company, business or assets, or provide a settlement mechanism for creditor claims. The report shows that, of the 1,500 approved DOCAs, 730 involved the company’s business continuing to trade after execution of the deed, representing about 49%.
(Source: ASIC,Media Release 26-144MR, published: 2026-07-07, uses of DOCAs, approved DOCAs and Outcomes of appointments that entered a DOCA.)
Most Completed DOCAs Fulfilled Deed Obligations
As of 31 May 2026, most DOCAs had reached a final outcome. ASIC’s infographic shows that, among completed DOCAs, 81% were fully effectuated, 17% entered creditors’ voluntary liquidation, 1% entered court liquidation, and another 1% resulted in other outcomes. Full effectuation usually means that the obligations under the DOCA have been completed and relevant admissible debts or claims have been dealt with in accordance with the deed.
49% of approved DOCAs involved the company’s business continuing to trade.
22% of DOCAs involved the sale of the business or assets.
63% of DOCAs included third-party funding arrangements.
83% of DOCAs excluded related-party creditor claims.
Nearly 90% of fully effectuated DOCAs paid dividends to unsecured creditors.
The Regime Aims to Improve Survival Prospects for Viable Businesses
The core function of voluntary administration is to provide a company, or as much of its business as possible, with an opportunity to continue operating when it is insolvent or likely to become insolvent. If continued trading is not viable, the aim is to deliver creditors a better recovery outcome than immediate liquidation. ASIC’s data disclosure shows that VA and DOCA processes still have considerable utility for larger or more complex businesses, but may not always be the most effective pathway for small businesses.
Usefulness for Small Businesses Is Relatively Limited
ASIC’s review found that, for smaller appointments with lower liabilities and simpler structures, VA and DOCA processes were less likely to produce a DOCA outcome. Among small appointments with liabilities below A$1 million, fewer than one-third ultimately obtained approval for a DOCA proposal; most such appointments ultimately entered liquidation and did not submit a DOCA proposal to creditors.
(Source: ASIC,Media Release 26-144MR, published: 2026-07-07, paragraphs related to smaller businesses and small business restructuring.)
ASIC Says Small Businesses May Consider Other Insolvency Pathways
ASIC Commissioner Kate O’Rourke said that, for smaller businesses, other pathways such as small business restructuring may be more efficient and lower cost, depending on the company’s circumstances. This statement shows that ASIC does not regard VA and DOCA as the optimal route for all businesses, but instead emphasises that companies of different sizes, liability structures and asset positions should be matched with different insolvency or restructuring mechanisms.
Larger appointments were more likely to result in a DOCA, usually due to asset scale, business complexity and sources of restructuring funding.
Smaller appointments were more likely to enter liquidation, potentially due to insufficient assets, limited going-concern value or higher proposal costs.
Small business restructuring procedures may provide a lower-cost and more streamlined alternative in some circumstances.
The Data Pack Improves Insolvency Process Transparency
The data pack released alongside REP 836 forms part of ASIC’s continuing work to improve transparency in insolvency and restructuring data. The data pack allows users to filter aggregated information by industry, size and appointment outcome, helping registered liquidators, directors and creditors assess differences in outcomes across different business types within VA and DOCA processes. ASIC said the report continues its earlier review work on simplified liquidation procedures and small business restructuring procedures, with the aim of further explaining how Australia’s insolvency regime operates in practice.
Questions Related to ASIC’s Voluntary Administration Data
What does ASIC’s REP 836 mainly examine?
REP 836 mainly examines whether Australian companies that entered voluntary administration between 1 July 2021 and 30 June 2025 formed a DOCA, entered liquidation, and how outcomes differed among businesses of different sizes in the relevant processes.
What is the relationship between VA and DOCA?
VA is the procedure through which a company enters voluntary administration, while a DOCA is usually a deed of company arrangement that creditors decide whether to accept after voluntary administration. If a DOCA is approved, the company and creditors will deal with debts, operations, asset sales or other arrangements in accordance with the deed.
Why are larger businesses more likely to form a DOCA?
Larger businesses often have more assets, business lines, funding sources and restructuring options, making it more likely that an administrator can propose an executable plan. As a result, the proportion of appointments with liabilities above A$10 million entering a DOCA was significantly higher than that of low-liability appointments.
Are VA and DOCA unsuitable for small businesses?
This cannot be generalised. ASIC data shows that small businesses have a lower rate of achieving restructuring outcomes through VA and DOCA, but suitability still depends on the company’s assets, debt scale, going-concern value and affordable procedural costs.
How does the REP 836 data pack help creditors?
The REP 836 data pack can help creditors observe aggregated data across different industries, business sizes and appointment outcomes, enabling them to better understand how voluntary administration and DOCAs are used in practice.
