The document summarizes issues with Australia's current insolvency system based on statistics that show most insolvent entities have few assets and low expected returns for creditors. It notes that while liquidators are often expected to return 11 cents on the dollar, over 85% of companies have less than $100,000 in assets, so administrative costs can exceed returns. Alternative regulatory models are discussed, as well as challenges for insolvency practitioners and questions around why Australia did not establish an official receiver role like some other countries.