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Current Grant Opportunity View - GO4195

Assetless Administration Fund - Asset Recovery Grant

Contact Details

IP - AAF Team

Email Address:

Web Address:

GO ID:
GO4195
Agency:
Australian Securities and Investments Commission
Close Date & Time:
Ongoing
Internal Reference ID:
AAF - LRA
Primary Category:
151004 - Legal Services
Publish Date:
23-Jul-2020
Location:
ACT, NSW, VIC, SA, WA, QLD, NT, TAS
Selection Process:
Open Non-competitive

Description:

 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 Guidelines 2017 (CGRGs) 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.

This Guidelines has been developed in accordance with the CGRGs 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.

 

 

 

 

 

 

 

 

 

 

Grant Activity Timeframe:

Please read the Asset Recovery Grant Guidelines for further details

Instructions for Application Submission:

Application for funding must be submitted via ASIC Regulatory Portal: https://regulatoryportal.asic.gov.au/

Other Instructions:

NIL

Contact Details

IP - AAF Team

Email Address:

Web Address: