INSIGHT · DEVELOPMENT & REPORTING
A voluntary administration is an entry, not an outcome.
ASIC now counts what came after.
What happens to construction companies after voluntary administration? In ASIC's REP 836 data pack, released 7 July 2026, 1,141 construction companies entered voluntary administration between 1 July 2021 and 30 June 2025, grouped by ASIC into 886 appointments. 418 of those 886 grouped appointments (47.2%) went on to a deed of company arrangement (DOCA), against 42.5% across all industries. Of the construction DOCAs finalised by 31 May 2026, 250 of 308 were wholly effectuated. ASIC does not publish construction's split between liquidation types.
Analysed 19 October 2026 · ASIC Report 836 (REP 836), its data pack and infographic, all released 7 July 2026, review period 1 July 2021 to 30 June 2025 with outcomes to 31 May 2026 · ASIC media release 26-144MR · ASIC Series 1 and Series 2 workbook released 19 October 2026 (data to 4 October 2026) · ASIC Corporate Insolvency Update, Issue 41, October 2026 · INFO 80.
Key takeaways
- The unit is a grouped appointment, not a company: ASIC grouped related companies that entered voluntary administration on the same day and ceased on the same day. For construction that turns 1,141 companies into 886 grouped appointments, 25.1% of the 3,528 appointments reviewed and the largest share of any industry (REP 836, Table 6).
- Just under half reached a DOCA: Of the 886 construction grouped appointments, 841 (94.9%) held a s439A creditors' meeting, 475 (53.6%) had a DOCA proposed and 418 (47.2%) had a DOCA. Across all industries the data pack reads 42.5%; the report's headline 44% uses a different denominator.
- A DOCA is a further stage, not the end: As at 31 May 2026, ASIC's data pack shows 26.3% of construction DOCAs still ongoing. Of 308 completed, 250 were wholly effectuated. Among wholly effectuated construction DOCAs, 90.0% of companies were still registered one year later and 85.2% two years later.
- The liquidation split is not published for construction: Across all industries, ASIC's data pack records 1,713 grouped appointments ending in creditors' voluntary liquidation and 227 in court liquidation. The data pack filters one dimension at a time, so construction's outcomes are visible only as DOCA or no DOCA.
- We would record the status chain, dated: A system-design recommendation: a counterparty record holds each appointment as a separate dated event with its source, rather than one status word, and keeps any industry statistic apart from the record of any company.
One population, five counts
ASIC's earlier insolvency series count a company the first time it enters external administration (Series 1) or count every appointment (Series 2). REP 836 counts something else: companies that entered voluntary administration in a four-year window, then grouped into appointments. The same construction voluntary administrations therefore produce several different numbers, and ASIC states that the report's figures "will not reconcile" with its published statistics.
Our calculation: rows of the Data set sheet in ASIC's Series 1 and Series 2 workbook released 19 October 2026 (data to 4 October 2026), filtered to industry division "Construction", appointment type "Voluntary administration" and effective dates from 1 July 2021 to 30 June 2025. ASIC publishes the 1,141 and 886; it does not publish the other three counts or any reconciliation between them.
| Count, construction, 1 July 2021 to 30 June 2025 | Number | Unit | Source |
|---|---|---|---|
| Companies that entered voluntary administration | 1,141 | Company | REP 836 data pack, outcomes to 31 May 2026 |
| Grouped voluntary administration appointments | 886 | Related companies entering and ceasing on the same day, counted once | REP 836 data pack and report Table 6 |
| Voluntary administration appointments | 1,189 (our calculation) | Appointment (Series 2 flag) | ASIC Series 1 and 2 workbook released 19 October 2026 |
| Distinct companies in those appointments | 1,158 (our calculation) | Company (ACN) | Same workbook |
| Voluntary administration records flagged for Series 1 | 1,131 (our calculation) | Workbook records with 1,125 distinct ACNs; ASIC's rules count a company again where it re-enters external administration | Same workbook |
- Why the counts differ: REP 836 is built from forms lodged by administrators and linked to appointments as at the time of the report, with the grouping applied. ASIC's notes to the data pack say its approach to linking forms and grouping "will evolve over time", and that "there will be changes over time as further forms are lodged". The weekly workbook carries a later data date and no grouping.
- Grouping matters most in construction: The construction gap between companies and grouped appointments is 255 (our calculation: 1,141 less 886). Across all industries, ASIC reports that around 15% of grouped appointments involved two or more related companies and accounted for around 40% of companies entering voluntary administration.
What came after entry: construction against all industries
These are ASIC's own figures from the data pack's industry dimension. Each percentage uses grouped appointments as its denominator unless the row says otherwise. Outcomes are as lodged with ASIC by 31 May 2026.
The report's headline that around 44% of voluntary administrations resulted in a DOCA matches its Table 7 figure of 44.1%, on the 3,374 appointments with Form 530 data from the s439A meeting stage. The data pack's 42.5% divides 1,500 DOCAs by all 3,528 grouped appointments. Both are ASIC's figures; they answer slightly different questions, and the construction 47.2% is on the data pack's basis.
| Measure (REP 836 data pack) | Construction | All industries |
|---|---|---|
| Companies / grouped appointments | 1,141 / 886 | 5,020 / 3,528 |
| Held a s439A meeting | 841 (94.9%) | 3,374 (95.6%) |
| DOCA proposed | 475 (53.6%) | 1,684 (47.7%) |
| Had a DOCA | 418 (47.2%) | 1,500 (42.5%) |
| DOCAs still ongoing at 31 May 2026 | 26.3% | 26.7% |
| Completed DOCAs / of which wholly effectuated | 308 / 250 | 1,100 / 893 |
| Winding-up application before the appointment | 13.7% | 11.5% |
| Voluntary administration duration, average / median (calendar days) | 62 / 43 | 66 / 45 |
| Completed DOCA duration, average / median (calendar days) | 352.4 / 257 | 327.3 / 248 |
| Total liabilities, Form 5603 end-of-administration return / median per appointment | $23.64bn / $2.49m | $70.97bn / $2.34m |
After the deed:
what construction DOCAs provided for, and what followed.
A DOCA is a binding arrangement between the company and its creditors, administered by a deed administrator. The data pack records what each deed provided for (Form 5047), what administrators estimated before the creditors voted (Form 530), and what the end-of-administration return reported (Form 5603). They are three different moments.
- What the deeds provided for (Form 5047): Construction: business to continue trading after the DOCA in 65.5% (all industries 68.3%); control to revert to the directors in 83.2% (75.6%); a third-party contribution in 62.0% (62.7%); related party claimants excluded in 87.5% (83.1%); a creditors' trust in 7.0% (11.5%). These describe the deed's terms, not what happened afterwards.
- What administrators estimated before the vote (Form 530, high estimates): Construction: average estimated dividend in a liquidation 9.75 cents in the dollar, median 0; average estimated dividend under a DOCA 22.18 cents, median 14. All industries: 10.26 and 0 for liquidation, 26.17 and 15 for a DOCA.
- What the end returns reported (Form 5603): The data pack's aggregate unsecured creditor dividend rate in DOCA end returns reads 18.2% for construction and 21.7% for all industries. ASIC's report measures returns on a narrower base, 712 wholly effectuated DOCAs without a creditors' trust, and reports a median of 11.5 cents and an average of 21.3 cents in the dollar for all industries.
- Still registered is not still trading: Of construction companies whose DOCA was wholly effectuated, 90.0% were still registered one year after effectuation and 85.2% two years after (all industries 86.3% and 80.5%). The data pack measures registration on ASIC's register; it does not say whether the business was trading.
What the data pack does not answer
REP 836 is the first time ASIC has published voluntary administration and DOCA outcomes at this level of detail, and its data pack lets a reader choose an industry, a state, a liabilities band or an outcome. It does not let a reader choose two at once.
- No construction split between liquidation types: The data pack's "VA outcome" dimension (DOCA, creditors' voluntary liquidation, court liquidation, ended without appointment, other appointment, ongoing) is published for all industries combined. Construction's 468 grouped appointments without a recorded DOCA by 31 May 2026 (our calculation: 886 less 418) cannot be divided between ongoing appointments and liquidation types from ASIC's published tables.
- No construction cut by state or by size: South Australia appears as a state row (144 companies, 119 grouped appointments, all industries) and construction appears as an industry row, but no table crosses them. The same applies to liabilities bands.
- A closed window: The review covers companies that entered voluntary administration from 1 July 2021 to 30 June 2025, with outcomes to 31 May 2026. Appointments after 30 June 2025 are outside it. ASIC says it will "consider opportunities to provide insights into the operation of the VA and DOCA process on an ongoing basis"; it has not published a date for a further edition.
- Lodged data, not reviewed files: ASIC states the analysis is based on structured data lodged with it, "has not been manually reviewed", and does not reflect information in unstructured PDF attachments such as copies of deeds. Where a DOCA used a creditors' trust, final distributions made by the trustee after the DOCA ends are not visible in ASIC's data.
What we would put in a system
For a business that tracks counterparties through insolvency, or cites ASIC figures in a report, we would test for five fields.
Where agents help here is narrow. A finance agent can watch ASIC's register and published releases, draft an updated status record for a counterparty when a new appointment or deed notice appears, and attach the source and cutoff to any industry figure; a person confirms before the record is relied on. No agent assesses whether a company will recover, scores a counterparty from industry statistics, or decides any credit or payment question.
| Field | Why it is load-bearing |
|---|---|
| Each appointment as its own dated event | A voluntary administration, the DOCA that follows and any later liquidation are separate appointments. Series 2 counts each; Series 1 counts only the first. One status word overwrites the history. |
| Unit of the figure: company, appointment or grouped appointment | For construction, 1,141 companies and 886 grouped appointments describe the same four years in REP 836. |
| Source and its cutoff | REP 836 outcomes run to 31 May 2026; the weekly workbook read here runs to 4 October 2026. ASIC states the two will not reconcile. |
| Denominator of any rate quoted | 44% and 42.5% are both ASIC's share of voluntary administrations ending in a DOCA, on different bases. |
| Date the record was last checked against ASIC's register | A deed can be wholly effectuated, terminated or followed by liquidation after the record was written. |
- One source, two insolvency numbers: The FY2025-26 construction count and why its series and cutoff decide it.
- Construction insolvencies, July and August 2026: The monthly counts, and why one month moved between two releases.
- Reporting: Board and management reports that cite each external figure with its source, unit and cutoff.
- Finance & Cashflow Agent: Drafts the status update when a release or register notice lands; a named person confirms.
Questions worth asking
of your own counterparty records
For a supplier or subcontractor owed money by a builder in administration: does your record show the voluntary administration and any later DOCA as two separate dated events?
ASIC treats them as two appointments. A record holding one status field cannot show whether a deed was later wholly effectuated or followed by a liquidation. A record-keeping point, not credit or legal advice.
For a construction group's finance lead: when a board paper quotes a voluntary administration outcome rate, does it say which denominator ASIC used?
REP 836's report reads around 44% (Table 7, 44.1% of appointments with Form 530 data); its data pack reads 42.5% on all grouped appointments, and 47.2% for construction on the same basis.
For a developer reviewing a contractor's history: is the company count or the grouped appointment count the relevant one?
Where related companies entered administration together, REP 836 counts them once. ASIC's weekly statistics count each company. Which one fits depends on the question, and the record should name it. General information, not an assessment of any company.
Questions people ask
about construction voluntary administrations
What happens to a construction company after voluntary administration?
In ASIC's REP 836 data pack (released 7 July 2026), 418 of 886 construction grouped appointments that began between 1 July 2021 and 30 June 2025 went on to a deed of company arrangement, 47.2%. By 31 May 2026, the other 468 had no recorded DOCA (our calculation). ASIC does not publish how many of those were still ongoing or how the others ended.
What percentage of voluntary administrations end in a DOCA in Australia?
ASIC's REP 836 reports that around 44% of voluntary administrations resulted in a DOCA, for appointments that began from 1 July 2021 to 30 June 2025. The report's Table 7 puts it at 44.1% of the 3,374 appointments with Form 530 data; the data pack's equivalent across all 3,528 grouped appointments is 42.5%.
What is ASIC REP 836?
Report 836, Review of voluntary administration and deed of company arrangement process: 2021-2025, released by ASIC on 7 July 2026 with a data pack and infographic. It analyses 5,020 companies, grouped into 3,528 appointments, that entered voluntary administration from 1 July 2021 to 30 June 2025, with outcomes lodged by 31 May 2026.
Do construction companies keep trading after a DOCA?
For voluntary administrations begun from 1 July 2021 to 30 June 2025, ASIC's REP 836 data pack, with outcomes to 31 May 2026, says 65.5% of construction DOCAs provided for the business to continue trading after the deed, against 68.3% across all industries. That is what the deed provided for on Form 5047, not a measure of later trading. Separately, 90.0% of construction companies with a wholly effectuated DOCA were still registered one year after effectuation.
Is a grouped appointment one company?
No. In REP 836, ASIC grouped related companies that entered voluntary administration on the same day and ceased on the same day, and counted the group as one appointment. For construction, 1,141 companies became 886 grouped appointments over 1 July 2021 to 30 June 2025.
What this analysis
does and does not show.
Evidence note
- What it shows
- ASIC's published construction figures from the REP 836 data pack (industry division dimension), set against ASIC's all-industry figures from the same pack and report, for voluntary administrations that began from 1 July 2021 to 30 June 2025 with outcomes lodged by 31 May 2026; and three counts of the same construction voluntary administrations recomputed by us from ASIC's weekly Series 1 and Series 2 workbook released 19 October 2026.
- Key facts quoted
- 1,141 construction companies, 886 grouped appointments (25.1% of 3,528); 841 s439A meetings; 475 DOCAs proposed; 418 DOCAs (47.2%); 26.3% of DOCAs ongoing at 31 May 2026; 308 completed, 250 wholly effectuated; 90.0% and 85.2% still registered one and two years after effectuation; construction total liabilities $23.64bn, median $2.49m (Form 5603).
- Our calculations
- 1,189 voluntary administration appointments, 1,158 distinct companies, and 1,131 voluntary administration records flagged for Series 1 (1,125 distinct ACNs) (ASIC workbook released 19 October 2026); the 255 difference between companies and grouped appointments; the 468 grouped appointments without a DOCA.
- The data pack publishes one dimension at a time. Construction's split between liquidation types, and any construction figure by state or size, are not published.
- ASIC's data pack row for completed DOCAs wholly effectuated reads 81.4% for construction and 81.9% for all industries; dividing its own counts (250 of 308, 893 of 1,100) gives 81.2% for each (our calculation).
- Form 5047 measures describe what a deed provided for; Form 530 measures are administrators' estimates before the creditors' vote. Neither is a measured outcome.
- REP 836 does not reconcile to ASIC's Series 1 and Series 2 statistics, by ASIC's own statement; our three counts from the weekly workbook illustrate the unit difference and are not a reconciliation.
- Figures are national (Australia) and by ANZSIC division as lodged, which is not the same as builders or developers as a reader might define them.
- General information about published regulatory data. Not financial, credit, legal or investment advice, not a forecast, and not an assessment of any company or counterparty.
Bring us one counterparty record
that says "in administration".
Send us the record, or the report that cited an insolvency figure. We will show you which ASIC events it should hold as separate dated entries, and which unit and cutoff any industry figure in it carries.
This article is general information about published ASIC data. It is not financial, credit, legal or investment advice, makes no forecast and no assessment of any company. Figures are national (Australia), from ASIC's REP 836 report and data pack released 7 July 2026 and ASIC's workbook released 19 October 2026, all read 19 October 2026.
Sources
Suggested citation: ASIC, Report 836 Review of voluntary administration and deed of company arrangement process: 2021-2025 and its data pack, released 7 July 2026, construction industry division, as read 19 October 2026. Derived figures: the 1,189, 1,158 and 1,131 counts from ASIC's workbook released 19 October 2026, the 255 difference and the 468 grouped appointments without a DOCA are our calculations.
- ASIC - REP 836 Review of voluntary administration and deed of company arrangement process: 2021-2025: Released 7 July 2026 · read 19 October 2026 · Government regulator report landing page
- ASIC - Report 836 (PDF): July 2026 · read 19 October 2026 · Government regulator report; Tables 1, 2, 6, 7, Figure 3, Appendix 1
- ASIC - Attachment to REP 836: Data pack (XLSX): Published 7 July 2026 · read 19 October 2026 · Government regulator dataset; industry division dimension, Notes sheet
- ASIC - REP 836 infographic (PDF): Published 7 July 2026 · read 19 October 2026 · Government regulator summary
- ASIC - 26-144MR ASIC review provides insights into voluntary administration and deed of company arrangement outcomes: 7 July 2026 · read 19 October 2026 · Government regulator media release
- ASIC - Insolvency statistics, Series 1 and Series 2 workbook: Released 19 October 2026, data to 4 October 2026 · read and recounted 19 October 2026 · ASIC replaces the weekly file, so this links to the statistics page
- ASIC - INFO 80 How to interpret ASIC's corporate insolvency statistics: Read 19 October 2026 · Government regulator interpretation guidance
- ASIC - Corporate Insolvency Update, Issue 41: October 2026 · read 19 October 2026 · Government regulator newsletter