The Australian Securities & Investments Commission has updated its guidance for registered liquidators and their staff on requesting orders concerning voidable creditor-defeating dispositions. The revised information sheet explains how ASIC assesses requests and provides more detail on the documents and information needed to establish that a disposition meets the relevant definition. The guidance also outlines options for obtaining company books and gathering sufficient evidence before filing a request. Following a review that identified evidentiary, information and procedural challenges, ASIC has introduced a dedicated web page with practical examples and a booking system through which liquidators can discuss potential requests before submission. The changes are intended to increase the prospects of successful requests and support asset recoveries for creditors.
Australian Securities & Investments Commission updates creditor-defeating disposition guidance and launches pre-submission booking system
The Australian Securities & Investments Commission has updated its guidance on liquidators’ requests for orders concerning voidable creditor-defeating dispositions. It has also launched practical online resources and a booking system for discussing potential requests before submission, addressing recurring evidentiary and procedural issues.