Appendix II - Australian Qualifications for Administrators
Under Part 9.2 of the Corporations Act 2001, ASIC (the Australian Securities and Investments Commission) must grant an application for registration if:
- The applicant is a member of:
- The Institute of Chartered Accountants in Australia, the Australian Society of Certified Practising Accountants or any other prescribed body; or
- They hold a degree, diploma or certificate from a prescribed university or other prescribed institution in Australia and have passed examinations in subjects that the institution certifies to ASIC to represent a course of study in accountancy of not less than 3 years duration and in commercial law (including company law) of not less than 2 years duration; or
- Has other qualifications and experience that, in the opinion of ASIC, are equivalent to these; and
- ASIC is satisfied as to the experience of the applicant in connection with the winding up of corporate bodies; and
- ASIC is satisfied that the applicant is capable of performing the duties of a liquidator and is otherwise a fit and proper person to be registered as a liquidator.
ASIC Policy Statement 40 sets out the experience criteria applied by ASIC to satisfy itself as to the experience of the applicant in connection with the winding up of bodies corporate. In general, an applicant must:
- Have had at least five years in public practice;
- Have obtained a wide range of experience in external corporate administrations under the direction of an official liquidator for a continuous period of not less than three years, including windings up, receiverships, reconstructions and voluntary administrations; and
- Have supervised external corporate administrations on a full-time basis for at least two consecutive years during the five years immediately before the date of the application.
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