What is a Registered Liquidator in Australia?

WHAT IS A REGISTERED LIQUIDATOR?

Registered Liquidators are experienced professionals, usually accountants, who are registered as a liquidator under the Corporations Act 2001. They are appointed to manage the process of winding up insolvent or failed companies. A registered Liquidator can also be appointed to wind up the affairs of a solvent company.

A registered liquidator has a wide range of duties to perform including selling assets, investigating the affairs of the company, and paying a dividend to creditors. When a liquidator is appointed to a company, the director’s powers are suspended, and the liquidator assumes control of all of the company’s affairs.

WHO CAN BE A REGISTERED LIQUIDATOR?

To become eligible to be a Registered Liquidator an individual must:

• be a member of a recognised Australian accounting industry body, or an international equivalent
• meet approved competency standards and be able to demonstrate significant practical experience
• be an Australian resident
• provide proof of sufficient indemnity insurance
• have not been convicted of an offence involving fraud or dishonesty in the previous 10 years
• have not been disqualified from managing corporations
• be capable of performing the duties of a liquidator
• be a fit and proper person to be registered as a liquidator