Flowchart 4: Liquidator in a provisional liquidation

This flowchart and the explanatory text should be read with Information Sheet 29 External administration, controller appointments and schemes of arrangement: Most commonly lodged forms (INFO 29).

Unless otherwise permitted by the Corporations Act, a person must not act as a provisional liquidator unless they are a registered liquidator: sections 532(1) and (8).

Flowchart 4: Liquidator in a provisional liquidation

Flowchart 4: Liquidator in a provisional liquidation

* ASIC PNW = ASIC published notices website.

Explanation of Flowchart 4: Liquidator in a provisional liquidation[1]

Step Form or notice Notes

1

Form 519
Notification of court action relating to winding up (notice of filing of application)

Legislation: sections 470(1)(a) and 465A(1)(a). Form 519 is an ASIC-approved form.

Requirement: Lodgement is mandatory.

Tick-a-box choice (An application has been made): Select ‘An application for the winding up of the company (other than under s459P, 462 or 464) was filed’ or ‘An application has been made to wind up the company under s459P, 462 or 464’.

Lodgement: The applicant must lodge no later than 10.30 am on the next business day after the application is filed.

and …

ASIC published notices website[3]Notice of application for winding up order

Legislation: section 465A(1)(c).

Requirement: Publication is mandatory.

Publication: The applicant must publish notice of the application on the ASIC published notices website.

Note: While no publication time is prescribed, we expect applicants to publish this information at the same time as the application is made.

2

Form 588
Office copy of court order to appoint a provisional liquidator

Legislation: Rule 6.2 of the Corporations Court Rules (applicable in the Federal Court or the Supreme Court of each state and territory). ASIC has applied the number ‘588’ to lodgement of the required information for administrative purposes (i.e. there is no actual Form 588).

Requirement: Lodgement is mandatory.

Lodgement: The applicant must lodge an office copy of the court order no later than the day after the order is made. An office copy of a court order must bear an originally stamped seal or an electronic seal of the registry of the court.

Company status:[2] If this is the first external administrator appointed to the company, the company status will change from REGD to EXAD after processing of the first of Form 519 (Step 3), Form 588 or Form 505 (Step 4), and will create a new appointment for the provisional liquidator.

with …

Form 105
Cover page for office copy of a court order

Legislation: regulation 1.0.21. Form 105 is prescribed by the Corporations Regulations.

Requirement: Lodgement is mandatory.

Tick-a-box choice (Type of court order – external administration): s472(2) appointing a provisional liquidator.

Lodgement: The applicant must lodge Form 105 with the office copy of the court order. An office copy of a court order must bear an originally stamped seal or an electronic seal of the registry of the court.

3

Form 519
Notification of court action relating to winding up (notice
of making of order to wind up a company)

Legislation: section 470(1)(b) and 465A(1)(a). Form 519 is an ASIC-approved form.

Requirement: Lodgement is mandatory.

Tick-a-box choice (A court order has been made): An order was made and a provisional liquidator appointed.

Lodgement: The applicant must lodge within 2 business days after the order is made.

Company status: If this is the first external administrator appointed to the company, the company status will change from REGD to EXAD after processing of the first of Form 519, Form 588 (Step 2) or Form 505 (Step 3), and will create a new appointment for the provisional liquidator.

and …

ASIC published notices website
Notice of winding up order and appointment as liquidator or provisional
liquidator

Legislation: section 465A(2) and regulation 5.4.01B.

Requirement: Publication is mandatory.

Publication: The liquidator or provisional liquidator must publish the prescribed information about the order.

Note: While no publication time is prescribed, we expect liquidators and provisional liquidators to publish this information as soon as practicable.

4

Form 505
Notification of appointment or cessation of an external administrator (appointment)

Legislation: section 537(1). Form 505 is an ASIC-approved form.

Requirement: Lodgement is mandatory.

Tick-a-box choice (Details of appointment): Provisional liquidator.

Lodgement: The provisional liquidator must lodge within 14 days after appointment. Online lodgement is preferred.

Company status: If this is the first external administrator appointed to the company, the company status will change from REGD to EXAD after processing of the first of Form 519 (Step 1), Form 588 or Form 505 (Step 3), and will create a new appointment for the provisional liquidator.

5

Form 507
Report on company activities and property (ROCAP Part A)

Legislation: section 475(1) and (7). Form 507 is an ASIC-approved form.

Requirement: Lodgement is mandatory.

Tick-a-box choice (Reason for report): Appointment of liquidator/provisional liquidator by the court – s475(1).

Lodgement: The provisional liquidator must lodge within 5 business days after receipt of the report. Online lodgement is preferred.

Note 1: Form 507A and Form 911 are attached to, and processed as part of, Form 507.

Note 2: If an extension of time is granted, the liquidator must lodge Form 562 Notice of liquidator extending time to submit report on company activities and property

incorporating…

Form 507A
Statement verifying report under s475(1) (attached to Form 507)

Legislation: section 475(1). Form 507A is an ASIC-approved form.

Requirement: Lodgement is mandatory.

Lodgement: The provisional liquidator must lodge within 5 business days after receipt of the report. Online lodgement is preferred.

with …

Form 911
Verification or certification of a document

Legislation: regulation 1.0.16. Form 911 is prescribed by the Corporations Regulations.

Requirement: Lodgement is mandatory.

Lodgement: The provisional liquidator must lodge within 5 business days after receipt of the report. When lodging online, Form 911 is a certification, not a separate form. Online lodgement is preferred.

6
(contingent)

Provisional liquidator orders a report (Form 507) from other persons

Form 511
Statement verifying report under s430(1), 475(2) or 446C(2)

Legislation: section 475(2) and (7). Form 511 is an ASIC-approved form.

Requirement: Lodgement is mandatory, contingent on the circumstances arising (if the provisional liquidator ordered and received a report).

Tick-a-box choice (Purpose for lodgement of copy of Form 511): Liquidator/provisional liquidator appointed by the court, under s475(7), a report prepared under s475(2).

Lodgement: The provisional liquidator must lodge within 5 business days of receipt of the report from the other person. Online lodgement is preferred.

with …

Form 911
Verification or certification of a document

Legislation: regulation 1.0.16. Form 911 is prescribed by the Corporations Regulations.

Requirement: Lodgement is mandatory, contingent on the circumstances arising (if the provisional liquidator ordered and received a report).

Lodgement: The provisional liquidator must lodge within 5 business days of receipt of the report from the other person. When lodging online, Form 911 is a certification, not a separate form. Online lodgement is preferred.

7

Form 5602
Annual administration return

Legislation: section 70-5(3) of Schedule 2. Form 5602 is an ASIC-approved form.

Requirement: Lodgement is mandatory.

Lodgement: The provisional liquidator must lodge within 3 months after the end of the 'administration return year', which is the period of 12 months beginning on the day of appointment and each subsequent period of 12 months.

The provisional liquidator must give notice to the court that a return has been lodged, when next forwarding a report, notice of meeting, notice of call or dividend: section 70-5(6)(d).

Online lodgement as structured data is required.

Note: See the additional guidance to INFO 29 for information on lodging Form 5602 where a replacement registered liquidator is appointed.

8

Form 505
Notification of appointment or cessation of an external administrator (cessation)

Legislation: section 537(2). Form 505 is an ASIC-approved form.

Requirement: Lodgement is mandatory by the provisional liquidator within 14 days after his or her removal or resignation.

Tick-a-box choice (Ceasing, resignation or removal): Cease (or ‘Resignation or removal of provisional liquidator’ on paper form).

Lodgement: The provisional liquidator must lodge within 14 days after cessation. Online lodgement is preferred.

Company status: Depending on the reason for the removal or resignation, the company status will either remain in EXAD (if a liquidator is appointed), or change from EXAD to REGD (if the provisional liquidator is removed and no liquidator is appointed) after processing of this form.

9

Form 5603
End of administration return

Legislation: section 70-6(2) of Schedule 2. Form 5603 is an ASIC-approved form.

Requirement: Lodgement is mandatory.

Lodgement: The liquidator must lodge within 1 month after the end of the external administration: section 70-6(3).

The liquidator must also give notice to the court that a return has been lodged, if requested to do so in writing: section 70-6(4).

Online lodgement as structured data is required.

More information

For more information on external administration, visit www.asic.gov.au/insolvency or contact ASIC on 1300 300 630 or online at www.asic.gov.au/question.



[1] Types of forms: Information is lodged with, and received by, ASIC for recording on the company register as ‘forms’. Forms fall into one of the following categories:

  • a prescribed form, which is a form prescribed in Schedule 2 to the Corporations Regulations, or
  • an ASIC-approved form, which is a form that is not prescribed, but is one that ASIC may approve under section 350 of the Corporations Act and section 100-6 of Schedule 2, or
  • an ASIC administrative form, which is a form that is neither prescribed nor approved, but is one that has been given an administrative form number by ASIC for the purpose of identifying the type of information being lodged (e.g. Form 5011).

[2] Company status: Certain form lodgements cause company status changes. These may not apply if a company is subject to another external administration. The status of a company is recorded on ASIC’s database as:

  • REGD – registered
  • EXAD – under external administration and/or controller appointed
  • SOFF – strike-off action in progress
  • DRGD – deregistered

[3] ASIC published notices website: An ASIC-hosted website for the publication of notices, including insolvency and external administration-related notices, required to be published in the prescribed manner under Part 5.1, 5.3A, 5.4, 5.4B, 5.4C, 5.5, 5.6, 5.8 or 5A.1 of the Corporations Act, Schedule 2, and the Practice Rules.

Last updated: 19/09/2019 10:29