ASIC has published a new information sheet on its discretionary power to appoint a reviewing liquidator to a company in external administration.
Eligible applicants with a financial interest in a company in external administration, a creditor or an officer of the company, can apply to ASIC to have a reviewing liquidator appointed.
Information Sheet 296: ASIC’s power to appoint a reviewing liquidator (INFO 296) explains:
- how to apply
- what factors ASIC considers when deciding on the application
- next steps if ASIC appoints a reviewing liquidator, and
- what ASIC expects of the external administrator.
INFO 269 also outlines circumstances when ASIC is less likely to appoint a reviewing liquidator, matters that can be reviewed, and expectations of external administrators.
The new 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.
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Background
ASIC can appoint a registered liquidator 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 that can be appointed as reviewing liquidators to a company.
In April 2026, ASIC consulted on the proposal to publish the info sheet: see Consultation 49: Proposed guidance on ASIC’s power to appoint reviewing liquidators (CS 49). ASIC received submissions which supported the proposal to publish a new info sheet and made necessary amendments following the feedback received.
More information
- Information Sheet 296: ASIC’s power to appoint a reviewing liquidator (INFO 296)
- Reviewing Liquidator Panel members
- Consultation 49: Proposed guidance on ASIC’s power to appoint reviewing liquidators (CS 49)
ASIC is Australia’s corporate, markets and financial services regulator.