Your ongoing obligations as a registered liquidator

As a registered liquidator, you must comply with ongoing statutory obligations

You must on an ongoing basis perform adequately and properly the duties and functions of a registered liquidator, remain a fit and proper person to be registered, not become a disqualified person, not become an insolvent under administration and remain resident in Australia.

You also have specific obligations relating to:

  • reporting matters and lodging documents (including annual statements)
  • financial reporting and annual general meetings
  • lodging unclaimed money with ASIC, and
  • maintaining adequate and appropriate professional indemnity and fidelity insurance cover.

This is not an exhaustive list of your obligations. You must comply with the Corporations Act 2001.

Depending on your circumstances, you may be eligible for class order relief or individual relief for some obligations. For example, relief is available for some externally-administered companies from financial reporting obligations and having to hold an annual general meeting.

If you are appointed in a creditors’ voluntary or court-ordered winding up, you can seek funding from the Assetless Administration Fund to carry out an investigation and prepare an insolvency supplementary report.

Changes to how registered liquidators lodge forms with ASIC

Effective 30 March 2020, registered liquidators  are required to lodge statutory reports prepared under sections 422, 438D and 533 of the Corporations Act 2001 via the ASIC Regulatory Portal

There are also new transactions on the Regulatory Portal enabling registered liquidators to request ASIC's assistance in an external administration to obtain the company books and records, and to provide notice they do not intend to supply a supplementary report. 

The Regulatory Portal replaced the previous lodgement channels, including the current Liquidator Portal. More information about this change is on our website.

Related information 

More about registered liquidators

What's new

Insolvency reforms commence on 1 January 2021

Reforms to corporate insolvency laws commence on 1 January 2021 for companies with liabilities less than $1 million.  These reforms include:

-a new debt restructuring process for incorporated businesses

-a new, simplified liquidation pathway for small businesses, and

-a new class of registered liquidator who can only undertake the debt restructuring process.

Corporations Amendment (Corporate Insolvency Reforms) Act 2020

Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020

Insolvency Practice Rules (Corporations) Amendment (Corporate Insolvency Reforms) Rules 2020

 

Industry funding

The Government has introduced new laws that change the way ASIC is funded. Regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year. Find out what this means for registered liquidators.

 

Quicklinks

Insolvency Law Reform Act 2016

Releases on insolvency

Liquidator registration applications

Registered liquidator disciplinary decisions

Insolvency statistics

AFSA - ARITA - ASIC joint liaison meetings

 

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ASIC Corporate Insolvency Update

Published notices

View insolvency and deregistration notices on the published notices website.

Last updated: 20/10/2014 12:00