The Australian Securities & Investments Commission has published a new information sheet explaining its discretionary power to appoint a reviewing liquidator to a company in external administration. The guidance is intended to clarify who can apply, how applications are made and how ASIC assesses whether to appoint a reviewing liquidator. Eligible applicants include a person with a financial interest in the company, a creditor or an officer of the company. The information sheet covers the application process, the factors ASIC considers, the next steps if a reviewing liquidator is appointed and ASIC’s expectations of the external administrator. It also outlines circumstances in which ASIC is less likely to appoint a reviewing liquidator and the matters that can be reviewed. ASIC said the power to appoint a reviewing liquidator under the Corporations Act 2001 has been in force since 2017. From 1 July 2024, appointments have been drawn from a new Reviewing Liquidator Panel of registered liquidators. The guidance follows ASIC’s April 2026 consultation on the proposal, after which it received supportive submissions and made amendments.
Australian Securities & Investments Commission2026-06-18
Australian Securities & Investments Commission issues guidance on appointing reviewing liquidators for companies in external administration
The Australian Securities & Investments Commission has issued new guidance on its power to appoint a reviewing liquidator to a company in external administration. It explains who may apply, how ASIC assesses applications and what it expects from external administrators. The guidance also sets out when ASIC is less likely to appoint a reviewing liquidator and follows consultation completed in April 2026.