ASIC Corporate Insolvency Update – Issue 41 – October 2026
Issue 41 of the Corporate Insolvency Update covers regulatory developments and issues affecting corporate insolvency markets.
RegistryConnect update for registered liquidators
As part of ASIC's RegistryConnect program, we are introducing changes to Australia's business registers to make them easier to use and to improve the quality, integrity and reliability of registry information.
Since our June 2026 Corporate Insolvency Update, RegistryConnect delivery has continued to progress, including opening consultation on registry information access arrangements.
ASIC seeks feedback on future access to information on companies register
We recently released Consultation Paper 391 Access to information on the companies register (CP 391). CP 391 seeks feedback on what information on the companies register we should make available in the future, and who should have access.
We recognise the importance of maintaining appropriate access to registry information for registered liquidators undertaking statutory duties, including pre-engagement checks, investigations and other functions.
CP 391 seeks feedback on proposed future access arrangements and how they may affect the ability of registered liquidators to access registry information needed to undertake these functions.
Our aim is to understand the needs of registry users and ensure the future access to registry information balances the value of transparency of important business information with any negative impacts to privacy and safety. We are particularly concerned about privacy and safety, given the increase in cyber crime and impersonation scams.
We encourage registered liquidators and insolvency practitioners to review the consultation materials and provide any feedback by 12 October 2026.
Director ID
From 1 July 2027, company directors must provide their director ID to ASIC through company registration and reporting processes. Registered liquidators should be aware of the change when advising directors or dealing with company reporting obligations.
See our news item Get ready for new director ID requirements from 1 July 2027 for more information.
New company search
We have recently released a public beta of a new company search service, which will make it easier to find and interpret key entity information.
Find the right ASIC contact for your inquiry
We have launched a new Registered liquidator inquiries and assistance webpage to help registered liquidators identify the most appropriate ASIC contact channel for their inquiries and assistance requests.
The webpage brings together key contact information in one place, including:
- details of mailboxes for a range of key activities
- how and when to contact the RL Queries mailbox
- how and when to contact a state-based contact within the Registered Liquidators team
Using the appropriate channel and providing the relevant information will help ASIC direct your inquiry to the right team and respond more efficiently.
Visit the Registered liquidator inquiries and assistance webpage before contacting ASIC about a regulatory matter.
Form 5602 and Form 5603 system updates: Simpler lodgement for non-registered liquidators
We introduced Form 5602 Annual administration return and Form 5603 End of administration return in 2017. Non-registered liquidators acting as controllers or as liquidators in a members’ voluntary liquidation are able to lodge Form 5602 and Form 5603 through the agents’ portal.
We recently made two changes to streamline this process. First, you no longer need to lodge Form 362 Notification by a company to nominate or cease a registered agent or contact address to appoint yourself as the company’s agent – you only need to be a registered agent to lodge Form 5602 or Form 5603. Second, we have updated the sign-off sections in Form 5602 and Form 5603 to recognise that the appointee may be a corporate body, such as a bank or finance company.
More information on lodgement requirements of controllers is available in Flowchart 10 of Information Sheet 29 External administration, controller appointments and schemes of arrangement: Most commonly lodged forms (INFO 29).
Improving gender diversity in ASIC-initiated appointments
We recognise the work already underway across insolvency firms, professional bodies and industry networks to improve representation and career progression for women in the insolvency profession.
To complement these industry-led initiatives, we have set a target that at least 25% of ASIC-initiated matters involving the appointment of an external administrator will include at least one female registered liquidator. This includes appointments arising from ASIC applications to wind up companies and applications for appointment of provisional liquidators or receivers.
Appointment decisions will continue to reflect the specific requirements of each matter, including independence, capability, capacity and relevant expertise. However, the target is one way we can use the appointments we influence to support broader industry efforts to improve gender diversity across the profession.
In identifying suitable practitioners, we will seek to ensure appropriately qualified female registered liquidators are actively considered. Where specialist expertise is required and no suitable female registered liquidator is identified, we may encourage firms to include senior female practitioners in the engagement and support their substantive involvement in the matter.
We also consider gender diversity when:
- exercising ASIC’s power to appoint a liquidator to fill a vacancy, and
- establishing panels under the Assetless Administration Fund, including for abandoned companies and reviewing liquidator appointments.
Improving access to significant appointments can help broaden experience and progression opportunities across the profession. We consider that an insolvency profession that draws on a wider range of talent, experience and perspectives will be better placed to maintain capability, resilience and public confidence.
Answers to common questions from our registered liquidator webinars
We have published answers to common questions raised during our March 2026 webinar series for registered liquidators and their staff.
The Q&A covers:
- applications for ASIC’s assistance to obtain books and records, including issues relating to Form 507 Report on company activities and property (ROCAP)
- applications for funding from the Assetless Administration Fund, and
- reporting suspected offences or misconduct to ASIC.
The responses clarify key requirements and provide practical guidance on common issues raised during the webinars.
We encourage registered liquidators and their staff to review the Q&A before contacting ASIC about a specific matter. If you require further assistance, please use the most appropriate ASIC contact channel.
ASIC plans to hold further webinars on topics relevant to the profession. You can send suggestions for future webinar topics to RLwebinars@asic.gov.au.
ASIC launches new resources to support small business directors
We have launched a refreshed small business strategy and new small business director essentials hub to help small business directors understand and meet their obligations: see our news item 26-180MR ASIC launches small business strategy, helping to educate and protect small businesses.
ASIC’s small business strategy focuses on supporting small businesses through practical education, simpler interactions, stronger engagement and targeted enforcement where misconduct harms small businesses. It also reinforces ASIC’s focus on helping directors act earlier, including when their company is experiencing financial difficulty.
The new small business director essentials hub brings together practical guidance and learning resources for directors of small companies in one place on ASIC’s website. The hub includes a small business director roadmap, which helps directors navigate key stages of the company lifecycle – from planning and setting up a company through to running and closing one. It also includes practical guidance on becoming a director, managing director obligations and what to do when the company is experiencing financial difficulty, plus free online learning modules to help directors build and apply their knowledge.
For insolvency practitioners and advisers, the hub provides a useful source of ASIC information to share with directors of small companies. We have designed the resources to help directors recognise obligations and risks earlier, understand what action may be required, and seek appropriate advice before problems escalate.
The hub responds to ASIC-commissioned research showing directors want clearer, more practical information about their obligations, with many seeing ASIC as having an important educational role to play. We will continue to refine and expand the resources, including further material on responding to financial difficulty as a director.
ASIC review provides insight into voluntary administrations and DOCAs
In July, ASIC released Report 836 Review of voluntary administration and deed of company arrangement process: 2021–25 (REP 836), together with a supporting data pack (available to download from the report landing page). The review provides insights into how companies in Australia are using voluntary administrations (VAs) and deeds of company arrangement (DOCAs) and the outcomes they achieve.
The review examined 3,528 grouped VA appointments involving 5,020 companies between 1 July 2021 and 30 June 2025. It found that company size was associated with the outcome of the process. Larger and more complex companies were more likely to propose and enter into a DOCA, while smaller companies more commonly proceeded to liquidation.
Around half of the appointments that reached a second creditors’ meeting included a DOCA proposal, and creditors approved 87% of those proposals. Overall, approved DOCAs accounted for about 44% of the VAs we reviewed.
DOCAs supported a range of outcomes, including continued trading, business or asset sales, and compromises with creditors. Nearly half of approved DOCAs involved the company continuing to trade after executing the deed.
The findings highlight the importance of considering whether voluntary administration is suited to the company’s financial position and circumstances. For smaller companies in particular, directors and advisers may also wish to consider whether another formal insolvency option, including small business restructuring, is more appropriate.
The report and data pack provide further information by industry, company size and appointment outcome.
Latest news, updates and announcements
ASIC Chair Sarah Court delivers keynote speech at CEDA
26-150MR ASIC disqualifies Queensland director David Fanning for 5 years
26-153MR Federal Court orders First Mutual Private Equity and unregistered managed investment scheme to be wound up
26-156MR ASIC Statement of Intent
26-169MR Former construction industry director Vickie Vella sentenced after using $1.2 million in company money for personal use
26-172MR Court winds up Capital Guard and appoints liquidators following successful ASIC application
26-174MR Federal Court imposes permanent director’s disqualification order against Larry Dawson
26-179MR ASIC disqualifies Victorian director Antonio Torcasio for 5 years
26-182MR Stavro D’Amore jailed for misusing nearly $700,000 in Berndale funds
26-184MR Former bankrupt coconut water CEO Tim Xenos resentenced on ASIC charges
26-187MR Former NSW Director Usman Siddiqui jailed for dishonest use of position as director
26-190MR Liquidator disciplinary committee publicly reprimands Simon John Thorn
26-196MR ASIC disqualifies New South Wales director Alan MacDonald for 5 years
26-199MR Court appoints provisional liquidators to 12 companies associated with NSW accountant and former solicitor Christopher Edwards
Insolvency statistics
ASIC’s annual insolvency data shows that 14,153 companies entered external administration for the first time during the 2025-2026 financial year, down 4% from the 14,722 companies recorded for the 2024–25 financial year.
As at 30 June 2026 there were 3,747,130 registered companies. The ratio of companies entering external administration in the 12 months to 30 June 2026 compared to the number registered (0.38%) is down from the 12 months to 30 June 2025 (0.41%) but still well below the prior peaks in the 2011–12 and 2012–13 financial years of 0.56% and 0.53%, respectively.
During the 2025–26 financial year, the most common industries for appointments were construction (24.5%), accommodation and food services (14.7%), other/non-described services (9.8%), retail trade (7.1%) and professional, scientific and technical services (7.0%).
For more information, please see insolvency statistics on the ASIC website.
Contacts
Email support and contact details for ASIC team members for each state and territory are available on the Contacts page.