ASIC has filed an application in the Supreme Court of New South Wales to wind up Liberty Bell Bay Pty Ltd following its failures to lodge annual financial reports with ASIC.
Liberty Bell Bay failed to lodge annual reports for the financial years ending in 2021, 2022, 2023, and 2024. In June 2025 ASIC obtained orders from the Court to enforce compliance (25-113MR). Liberty Bell Bay subsequently failed to comply with the Court orders (25-141MR). ASIC alleges that Liberty Bell Bay has also failed to lodge reports for the financial year ending in 2025.
ASIC has now applied to wind up Liberty Bell Bay on just and equitable grounds.
Financial reporting misconduct, including failure to lodge financial reports is an ASIC enforcement priority for 2026 (25-273MR). ASIC will continue to monitor and address lodgement failures, including taking regulatory action for ongoing non-compliance.
It is important that annual reports are lodged in a timely manner to assist creditors and other users of the annual reports in making informed decisions when dealing with large companies.
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Background
Liberty Bell Bay is part of the GFG Alliance, a global group of businesses focused on industries including steel, aluminium, and energy. GFG Alliance has had significant operations in Australia, including the Whyalla Steelworks in South Australia run by OneSteel Manufacturing Pty Ltd (which is currently in external administration), InfraBuild Australia Pty Ltd, Tahmoor Coal in New South Wales (which is currently in external administration), and Liberty Bell Bay in Tasmania.
Large proprietary companies must generally prepare and lodge a financial report and a director's report within four months after the end of the financial year unless ASIC has granted relief.
A proprietary company is classified as ‘large’ if it meets at least two of the following criteria for a financial year:
- the consolidated revenue of the company and any entities it controls is $50 million or more
- the consolidated gross assets of the company and any entities it controls is $25 million or more
- the company and any entities it controls have 100 or more employees.
Whether a company meets these criteria can depend on how the business is structured.