AUSTRALIA · GRANT
Assetless Administration Fund - Asset Recovery Grant
Assetless Administration Fund - Asset Recovery Grant The Australian Securities and Investments Commission (ASIC) offers the Asset Recovery Grant opportunity, part of the revised Assetless Administration Fund guidelines. This grant provides crucial funding to liquidators of assetless companies to pursue legal action for asset recovery or compensation where mi…
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 Asset Recovery Grant Guideline is one of three revised guidelines developed by ASIC to replace ASIC Regulatory Guide 109. The Asset Recovery grant opportunity provides funding to a liquidator of an assetless company to take action to recover certain assets, or for compensation for loss, where misconduct in relation to the company has occurred which caused assets of the company to dissipate. 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 accordancewith the Whole-of-Government template - Simplified definition for 'assetless' administration for determining a liquidator's eligibility to apply for grant in section 4.5 - Clearer assessment criteria in section 6- Explicit guidance regarding funding for security for costs orders to support asset recovery. The other two Guidelines are: Director Banning Grant Guidelines; and Matter Other Than Director Banning Grant Guidelines.
Eligibility
Who is eligible to apply for a grant? 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 Corporation Act 2001, excluding a liquidator of a solvent company voluntarily wound up by its member or a special purpose liquidator, may apply for funding under the Asset Recovery grant opportunity to undertake Preliminary Action and/or Legal Action. Additional eligibility criteria: An application for funding under the Asset Recovery grant opportunity must meet four criteria: a. the company in liquidation must be an 'assetless' administration b. a report under section 533(1) of the Corporation Act 2001 must have been lodged with ASIC; c. the liquidator must have formed a reasonable belief that misconduct has occurred which casued the disspation of assets; and d. sufficient evidence is available or is likely to become available. Please read the Asset Recovery Grant Guidelines for further details regarding eligibility.
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.