ASIC has today released a revised version of Regulatory Guide 16 External administrators: Reporting and lodging (RG 16). This publication provides guidance for external administrators reporting to ASIC under s476, s422, s438D and s533 of the Corporations Act 2001 (the Act).
Changes have been made to reflect the amendments to the Act made by the Corporations Amendment (Insolvency) Act 2007 and to provide better guidance to external administrators in the schedules to RG 16.
A major focus of our review has been to make sure that it is clearer as to when external administrators need to provide reports and what the content of those reports should be.
Changes have been made to Form EX01 to achieve these aims. In particular, we have provided further clarification as to the meaning of common types of possible misconduct and linked these to a series of tables setting out the types of likely evidence that may be available to insolvency practitioners in support of allegations of possible misconduct.
We have also provided a detailed sample report to better identify the information sought from external administrators when further reporting to ASIC on possible misconduct.
We expect these improvements will provide substantiated information enabling ASIC to investigate and action additional matters.
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