AUSTRALIA · GRANT

Assetless Administration Fund - Director Banning Grant

⚖️ Assetless Administration Fund - Director Banning Grant The Australian Securities and Investments Commission (ASIC) offers the Director Banning Grant, part of its Assetless Administration Fund. This grant is designed to provide funding to liquidators of assetless companies to conduct investigations and prepare reports under section 533(2) of the Corporatio…

Key facts

Agency: Australian Securities and Investments Commission
Location: National
Status: Open
Opened: 23 Jul 2020
Closing: Ongoing
Categories: 151004 - Legal Services

Summary and scope

The Director Banning Grant Guidelines is one of three revised Guidelines developed by ASIC to replace ASIC Regulatory Guide 109. The Director Banning grant opportunity provides funding to a liquidator of an assetless company to investigate and prepare a report under section 533(2) of the Corporations Act 2001, primarily to assist ASIC to determine whether to disqualify a person from managing corporations under section 206F or 206GAA of the Corporations Act 2001. The Commonwealth Grant Rules and Principles 2024 (CGRPs) requires grant opportunity guidelines to be developed for all new grant opportunities, and revised guidelines to be developed where significant changes have been made to a grant opportunity. The Guidelines are developed in accordance with the CGRPs within the Commonwealth Grants Policy Framework. Please read the Guidelines carefully, as it contains numerous changes including: - Sections and headings in accordance with the Whole-of-Government template - Simplified definition for "assetless" administration for determining a liquidator's eligility to apply for grant in section 4.5 The other two Guidelines are: Asset Recovery Grant Guidelines; and Matters Other Than Director Banning Grant Guidelines.

Eligibility

Any liquidator appointed as a liquidator to a company in liquidation in: a court-ordered winding up; a creditors’ voluntary winding up; or an ASIC-ordered winding up under section 489EA of the Corporations Act 2001, excluding a liquidator of a solvent company voluntarily wound up by its members or a special purpose liquidator, may apply for funding under the Director Banning grant opportunity to investigate and prepare a supplementary Report. Additional eligibility criteria: An application for funding under the Director Banning grant opportunity must meet four eligibility criteria: a. the company in liquidation must be an 'assetless' administration; b. a report under section 533(1) of the Corporations Act 2001 must have been lodged with ASIC; c. elements of sections 206F or 206GAA of the Corporations Act 2001 are met; and d. sufficient evidence is or is likely to become available.

Source and freshness

Source update date not provided

Information shown is sourced from public opportunity records. Official buyer documents and addenda take precedence for deadlines, eligibility and submission requirements.