Registered liquidators

Registered liquidators

Important notice: Registered liquidators can now submit certain statutory reports, all applications for assetless administration funding, and requests for ob体育's assistance in an external administration to us via the ob体育 Regulatory Portal.听Visit our information page for more detail about this change.

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 (Corporations Act). They are allocated a Registered Liquidator Number and their name and number appear on ob体育'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 ob体育 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

ob体育 must register a person as a liquidator if the committee decides the person should be registered and the person produces evidence in writing to ob体育 that they have taken out the required insurance. The registration has effect for three years.

Insolvency reforms commence on 1 January 2021

Reforms to corporate insolvency laws commence on 1 January 2021 for companies with liabilities less than $1 million.听 These reforms include:

-a new debt restructuring process for incorporated businesses

-a new, simplified liquidation pathway for small businesses, and

-a new class of registered liquidator who can only undertake the debt restructuring process.

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Industry funding

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

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