Your ongoing obligations as a registered liquidator

As a registered liquidator, you must comply with ongoing statutory obligations

You have specific obligations relating to:

  • reporting matters and lodging documents (including annual returns)
  • financial reporting and annual general meetings
  • lodging unclaimed money with ASIC, and
  • maintaining adequate and appropriate professional indemnity and fidelity insurance cover.

This is not an exhaustive list of your obligations. You must comply with the Corporations Act 2001.

Depending on your circumstances, you may be eligible for class order relief or individual relief for some obligations. For example, relief is available for some externally-administered companies from financial reporting obligations and having to hold an annual general meeting.

As a registered liquidator, you can apply to access the registered liquidators' portal to lodge documents and notices online. You can also use our liquidator assistance program if company officers fail to hand over books and records or submit reports as to affairs.

If you are appointed in a creditors’ voluntary or court-ordered winding up, you can seek funding from the Assetless Administration Fund to carry out an investigation and prepare a supplementary s533 report.

Functions and duties

As a registered liquidator, you occupy a fiduciary position in relation to the company under administration, to its creditors and its contributories. As a fiduciary, you must meet a very high standard of honesty, impartiality and probity.

A number of fiduciary duties apply to you, including a duty:

  1. to act in good faith and exercise powers for a proper purpose;
  2. of independence;
  3. of impartiality; and
  4. to avoid possible conflicts between your personal interests and your duty to creditors and members.

You also have a duty to exercise care (including diligence) and skill to an extent that is reasonable in all the circumstances.

In addition to the duties prescribed by the Corporations Act 2001, you must comply with other relevant Australian law when exercising your powers and performing your duties as a registered liquidator.

ASIC may act if we believe you have not carried out adequately and properly the duties of a liquidator, or any other duties or functions that you are required to carry out under a law of the Commonwealth or of a state or territory or the general law.

In the performance of your functions and duties, we also expect that you will have regard to:

  • our published guidance;
  • guidance published by professional accounting bodies and relevant professional bodies from time to time; and
  • generally accepted industry standards.

Related information 

More about registered liquidators

What's new

Joint ASIC/AFSA/ARITA liaison meeting

ASIC, AFSA and ARITA held their bi-annual liaison meeting on 5 December 2017. Read the summary of discussion points.

 

Industry funding

The Government has introduced new laws that change the way ASIC is funded. Regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year. Find out what this means for registered liquidators.

 

Quicklinks

Insolvency Law Reform Act 2016

Releases on insolvency

Liquidator registration applications

Insolvency statistics

 

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Published notices

View insolvency and deregistration notices on the published notices website.

Last updated: 20/10/2014 12:00