ASIC is seeking feedback on a proposal to release a new information sheet on its discretionary power to appoint a reviewing liquidator to a company in external administration.
People who have a financial interest in a company in external administration or are an officer of the company, can apply to ASIC to have a reviewing liquidator appointed.
The draft Information Sheet 000 Corporate insolvency: ASIC’s power to appoint reviewing liquidators (draft INFO 000) explains:
- how to apply
- what factors ASIC considers when deciding on the application, and
- next steps if ASIC appoints a reviewing liquidator.
Draft INFO 000 also outlines circumstances when ASIC is less likely to appoint a reviewing liquidator, matters that can be reviewed and expectations of external administrators.
The guidance is intended to provide greater clarity to liquidators and potential applicants about the process for applying to ASIC for appointment of a reviewing liquidator, and the factors that ASIC takes into account in assessing applications.
ASIC expects to release the final information sheet by 30 June 2026.
Providing feedback
Please send your feedback to rri.consultation@asic.gov.au by 5pm AEST 5 May 2026.
Background
ASIC can appoint registered liquidators to act as a reviewing liquidator to a company in external administration under the Corporations Act 2001. This discretionary power came into effect in 2017.
From 1 July 2024, ASIC appointed a new Reviewing Liquidator Panel comprised of registered liquidators who can be appointed as reviewing liquidators to a company in external administration.
Related links
- CS 49 Proposed guidance on ASIC’s power to appoint reviewing liquidators
- Draft Information Sheet 000 Corporate insolvency: ASIC’s power to appoint reviewing liquidators
More information
ASIC is Australia’s corporate, markets and financial services regulator.