Key points
- ASIC is consulting on proposed changes to the existing Regulatory Guide 258 Registered Liquidators: Registration, disciplinary action and insurance requirements, issued on 1 March 2017.
- The updates will reflect legislative changes and experiences with the regime during the past six years since the insolvency reforms were implemented.
- Feedback on the proposals is welcome. Email your feedback to DL-C&SB-RG258.Feedback@asic.gov.au by 2 May 2024.
ASIC is seeking feedback from stakeholders including insolvency professionals, their professional bodies and users of the services of registered liquidators on its proposed changes to Regulatory Guide 258 Registered Liquidators: Registration, disciplinary action and insurance requirements (RG 258), issued on 1 March 2017.
The updates will help applicants for all types of liquidator registration to provide appropriate information in their application and prepare for their interview with a committee. It will also help registered liquidators who attend a disciplinary committee to better understand the process. The updates reflect changes to the legislative framework and the experiences of registered liquidators and applicants since 2017, including through the decisions of each registration and disciplinary committee.
In addition to the proposed changes to RG 258, the following documents have also been updated:
- Senior level employment history template; and
- Guide to personal and resource capacities.
This is the second of three registered liquidator and insolvency-related regulatory guides being updated. In September 2023, we consulted on proposed changes to Regulatory Guide 217 Duty to prevent insolvent trading: Guide for directors (RG 217), and are currently considering the feedback. This year, we also plan to consult on proposed changes to Regulatory Guide 16 External administrators – Reporting and lodging (RG 16).
Providing feedback
Feedback on the proposals, our draft guidance, and the additional documents and templates is welcome. Email your feedback to DL-C&SB-RG258.Feedback@asic.gov.au by 5pm on 2 May 2024. Your feedback will be considered when finalising RG 258.
Download
Consultation Paper 376 Registered liquidators: Registration, ongoing obligations, disciplinary actions and insurance—Updates to RG 258 and supporting documents and templates
Background
The Insolvency Law Reform Act 2016 introduced a new registration and disciplinary regime for registered liquidators. This regime commenced on 1 March 2017.
The current RG 258 was issued when this regime commenced. It provides guidance for individuals who are—or wish to become—registered liquidators under Schedule 2 to the Corporations Act 2001.
RG 258 is supplemented by the following documents and templates to assist an applicant complete their application for registration as a registered liquidator:
- Liquidator registration checklist;
- Senior level employment history template;
- Guide to personal and resource capacities; and
- Guide for referees.
ASIC is Australia’s corporate, markets and financial services regulator.