The Australian Securities & Investments Commission (ASIC) has published a draft information sheet for feedback on how it uses its discretionary power to appoint a reviewing liquidator to a company in external administration, aiming to clarify the application process and the factors it considers. The draft sets out who can apply (people with a financial interest in the company or an officer of the company), how to apply, what ASIC considers when assessing an application, and the next steps if a reviewing liquidator is appointed. It also describes circumstances where ASIC is less likely to appoint a reviewing liquidator, the matters that can be reviewed, and expectations of external administrators, and notes the power arises under the Corporations Act 2001 and has applied since 2017. Feedback is due by 5pm AEST on 5 May 2026, and ASIC expects to publish the final information sheet by 30 June 2026.
Australian Securities & Investments Commission 2026-04-07
Australian Securities & Investments Commission consults on draft information sheet on appointing reviewing liquidators in external administrations
The Australian Securities & Investments Commission has released a draft information sheet for feedback on its use of discretionary powers under the Corporations Act 2001 to appoint a reviewing liquidator to a company in external administration. The draft clarifies who can apply, how applications are assessed, the scope of matters that can be reviewed, circumstances where ASIC is less likely to appoint a reviewing liquidator, and expectations of external administrators.