The Australian Securities and Investments Commission (ASIC) has pointed to a situation where there may not be enough registered liquidators (RLs) to handle COVID-19 related corporate insolvencies because many of the RLs are facing financial struggles themselves.
ASIC had revealed the dilemma to the Parliamentary Joint Committee on Corporations and Financial Services noting it as an area of potential risk.
One area of potential risk that we are monitoring relates to corporate insolvency. The impact on ASIC internal resourcing from companies entering external administration following any withdrawal of temporary relief measures will depend on the timing, volume and complexity of company failures, and what other measures or legislative ref…
Read the full article at: https://www.moneymanagement.com.au/news/policy-regulation/asic-reveals-lack-liquidators-handle-covid-19-liquidations
