You must be registered as a liquidator to be appointed to any type of insolvent external administration.
A registered liquidator is a natural person who is registered as a liquidator under the Corporations Act 2001. They are allocated a Registered Liquidator Number and their name and number appear on ASIC's Register of Liquidators.
Registered liquidators act in a fiduciary capacity, and often have total management control of the affairs, money and other property of a body corporate.
An application for registration as a registered liquidator is made to ASIC and will be referred to a committee who will interview the applicant and may require that the applicant sit an examination. The committee must decide to register a person as a liquidator if the committee is satisfied the person:
- has certain base level qualifications, experience, knowledge and abilities
- will take out the required insurance
- has not been convicted, within 10 years before making their application, of an offence involving fraud or dishonesty
- is not, and has not been within 10 years before making their application, an insolvent under administration
- have not had their registration as a liquidator under the Corporations Act or as a trustee under the Bankruptcy Act 1966 cancelled within 10 years before making the application, other than in response to a written request by the person
- is not disqualified from managing corporations under Part 2D.6 of the Corporations Act or under a law of an external Territory or a law of a foreign country
- is otherwise a fit and proper person
- is resident in Australia
ASIC must register a person as a liquidator if the committee decides the person should be registered and the person produces evidence in writing to ASIC that they have taken out the required insurance. The registration has effect for 3 years.
- Regulatory Guide 258 Registered liquidators: Registration, disciplinary actions and insurance requirements
- Using the registered liquidators portal
- Search our professional registers
More in this section
- Applying for and managing your liquidator registration: How to apply to become a registered liquidator
- Your ongoing obligations as a registered liquidator: What you must do as a registered liquidator
- Changing or cancelling your liquidator registration: How to change your registration details or cancel your registration