Directors - Role assisting external administrator or receiver

Generally, directors have an obligation to assist the external administrator or receiver by:

  • advising the external administrator or receiver of the location of company property and delivering any such property in their possession to the external administrator or receiver

  • providing the company’s books and records to the external administrator (voluntary administration and liquidation) or giving access to the books and records to the external administrator (receivership)

  • advising the external administrator of the whereabouts of other company records

  • providing a written report about the company’s business, property and financial circumstances (a Report on Company Activities and Property or 'ROCAP') within either 5 business days (voluntary administration and creditors' voluntary winding up), or 14 days (receivership and court liquidation) of the appointment of the external administrator, and

  • meeting with, or reporting to, the external administrator to help them with their inquiries, as reasonably required.

Directors, officers and other people with relevant books and records have a responsibility to the company and to creditors, and must not obstruct external administrators or receivers in carrying out their duties.

Where a company officer fails to comply with their responsibilities, the external administrator may refer the matter to ASIC. Such referrals have frequently resulted in ASIC taking court action to assist the orderly realisation of assets or to force directors to provide ROCAPs and/or books and records. We regard failure to provide a ROCAP or to disclose and deliver up books and records as a serious breach of the Corporations Act.

View a list of persons prosecuted for offences of this type.

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What's new

ASIC reports on corporate insolvencies 2017–18

ASIC has published its annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2017–18 financial year. 18-342MR. 14 November

Report On Company Activities and Property (ROCAP)

After an extensive revision process and industry consultation conducted through an external consultant, ASIC has released the new ROCAP - Report On Company Activities and Property to replace the RATA. 

 

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.

ASIC and registered liquidators

Last updated: 01/11/2018 09:24