Proposed guidance on ASIC’s power to appoint reviewing liquidators
Submission Date: 8 May 2026
This submission is made by the Insolvency and Restructuring Committee of the Business Law Section of the Law Council of Australia in response to Proposed guidance on ASIC’s power to appoint reviewing liquidators, which was issued by the Australian Securities and Investments Commission (ASIC) on 7 April 2026.
The draft information sheet concerning ASIC’s power to appoint reviewing liquidators has many things to commend it. The reference to “illegal phoenix activity” as the first factor in Table 1 on page three of the submission is likely to ensure that ASIC receives fewer unmeritorious applications from creditors, shareholders of officers.
Last Updated on 12/05/2026
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