Assetless Administration Fund

What is the AA Fund?

The Assetless Administration Fund (AA Fund) was established by the Australian Government and is administered by ASIC. It finances preliminary investigations and reports by liquidators into the failure of companies with few or no assets, where it appears to us that enforcement action may result from the investigation and report. A particular focus of the AA Fund is to curb fraudulent phoenix activity.

The AA Fund enables a liquidator to carry out a proper investigation and report, which then helps us decide whether to commence enforcement action. 

Our guide for registered liquidators

We have issued a guide for registered liquidators appointed in a creditors’ voluntary winding up or a court-ordered winding up, who are seeking funding from the AA Fund to carry out an investigation and prepare a supplementary s533 report.

Liquidators can seek funding from the AA Fund to carry out an investigation and report :

  1. in circumstances where they believe director bannings may be appropriate; or
  2. for other matters; such as where the liquidator believes there is or may be evidence of possible offences or other misconduct in relation to the Corporations Act 2001.

The guide outlines:

  • the criteria for assistance from the AA Fund;
  • how to apply for funding from the AA Fund;
  • our approach to funding liquidator investigations and reports; and
  • what to include in a funded supplementary s533 report.

Key changes to the guide from 26 November 2009

We have undertaken a review of the guide with the objectives being:

  • to include further guidance to liquidators in relation to the AA Fund application process;
  • to provide additional information to liquidators which would assist in the completion of the AA Fund application forms, being Form EX02 (director banning) and Form EX03 (matters other than director banning); and
  • to ensure consistency with Regulatory Guide 16 External Administrators: Reporting and Lodging (RG 16), which was reissued in July 2008.

The most significant changes made to the guide have been in relation to the EX03 application process with the introduction of three new appendices to RG 109. The three new appendices (Appendix 5, Appendix 6 and Appendix 7) represent examples of additional information that should be provided as an attachment to the EX03 application form.

In summary, the three appendices include:

  • Appendix 5 - an example summary of alleged offences
  • Appendix 6 - a books and records listing and questionnaire
  • Appendix 7 - an example schedule of estimated liquidator's fees and disbursements.

The original Appendix 4 Submitting Form EX03 has been amended to incorporate these three new appendices and provide further guidance in relation to the EX03 application process. This includes the addition of a sample printout of a completed EX03 form.

We believe the changes to the guide will allow more liquidators to undertake additional investigations and improve the quality of reports lodged with ASIC.

View the guide

Previous changes to the guide from 1 January 2008

The previous changes to the AA Fund guide which were effective from 1 January 2008 included an increase in the capped amount for a report prepared for the purpose of a director banning, expanding the concept of an 'assetless administration' and refining Annexure 1 of the guidelines.

Grant reporting

In accordance with the Commonwealth Grants Rules & Guidelines 2017, allocated grants from the Assetless Administration Fund are published on the Australian Government website GrantConnect from 31 December 2017.

Lodging applications for funding

Funding applications (Forms EX02 (director bannings) and EX03 (other matters)) must be lodged online through our registered liquidator portal. If you need help registering to lodge online, contact us.

Abandoned Company Liquidator Panel

The Abandoned Company Liquidator Panel (Panel) comprises 43 suitably qualified and experienced registered liquidators. After ASIC orders the winding up of a company under Part 5.4C of the Corporations Act 2001, the Panel members are required to wind up the company’s affairs, distribute its property and assist employees access unpaid employee entitlements under the Fair Entitlements Guarantee Act.

The appointment of liquidators also facilitates a full and proper investigation into the reasons why the company failed and allows recovery of any voidable or unreasonable director-related transactions.

The funding for the Panel is from the AAF administered by ASIC.

Reviewing Liquidator Panel

The Reviewing Liquidator Panel comprises 15 suitably qualified and experienced registered liquidators. When ASIC appoints a member as a reviewing liquidator under section 90-23 of the Schedule 2 of the Corporations Act 2001, ASIC expects the member to inquired, investigate and report on suspected illegal phoenix activity including the conduct of the appointed external administrator where he/she appears to facilitate or has facilitated the activity through a lack of independence, or by not conducting adequate investigations and reporting both to creditors and ASIC. These services aim to promote market confidence in the corporate insolvency regime and support the Government’s reforms aimed at combatting illegal phoenix activity.

More information

What's new

ASIC reports on corporate insolvencies 2017–18

ASIC has published its annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2017–18 financial year. 18-342MR. 14 November

Report On Company Activities and Property (ROCAP)

After an extensive revision process and industry consultation conducted through an external consultant, ASIC has released the new ROCAP - Report On Company Activities and Property to replace the RATA. 


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.



Insolvency Law Reform Act 2016

Releases on insolvency

Liquidator registration applications

Registered liquidator disciplinary decisions

Insolvency statistics


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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