Mar 022017
 

Registered Liquidators: Registration, disciplinary actions and insurance requirements.

ASIC Regulatory Guide RG258, Issued: 1 March 2017

Australian Securities and Investments Commission:

This guide is for individuals who are or wish to become registered liquidators under … the Corporations Act 2001 …. This guide explains how to apply for registration as a liquidator, including the requirements that must be met to become a registered liquidator. This guide also explains the renewal of registration process, the disciplinary and other actions a registered liquidator may be subject to and our policy on adequate and appropriate insurance.

CLICK HERE to read or download a copy of ASIC’s Regulatory Guide RG 258.

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Contents of RG 258


A Overview 4
The role of registered liquidators 4
Categories of registration 4
Becoming a registered liquidator 5
Renewal, lodgement of annual liquidator return and notifications to
ASIC 5
Disciplinary and other actions 6
Insurance requirements 7

B Becoming a registered liquidator 8
How to apply for registration 8
Eligibility requirements 9
Qualifications 10
Experience12
Capacity 14
Fit and proper 14
Resident in Australia or another prescribed country 20
Processing your application21

C Renewal, lodgement of annual liquidator return and
notifications to ASIC
24
Renew your registration24
Lodge an annual liquidator return27
Notify ASIC of changes28

D Disciplinary and other actions 31
Our approach to assessing compliance 31
ASIC direction to comply 32
Cancellation or suspension of registration33
Show-cause notice 34
Referral to a committee 41
Industry body notification44
Court supervision 44
Liquidator initiated actions 45

E Insurance requirements50
Overview of our policy 50
Introduction to the insurance requirements 52
Our approach to administering the insurance requirements 54
Assessing and obtaining insurance 55
Adequate and appropriate PI insurance 60
Fidelity insurance64
Previous business, former principals and run-off cover 69

Appendix 1: Minimum insured amounts for PI insurance cover 71

Key terms 72

Related information76

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