The Australian Securities and Investments Commission (ASIC) has released updated guidance outlining how individuals or organisations can apply to become authorised eligible applicants, allowing them to request public examinations into the operations of companies undergoing external administration.
The newly issued Information Sheet 293 (INFO 293) sets out the criteria and application steps for those seeking to obtain written authorisation from ASIC under the Corporations Act 2001. This status enables applicants to apply to the courts to examine matters related to a company’s examinable affairs.
ASIC stated that the guidance is intended to help parties understand both who qualifies as an eligible applicant and what is required for authorisation. Automatic eligibility applies to roles such as liquidators, administrators, restructuring practitioners, and certain deed administrators. Others must apply directly to ASIC to gain authorisation.
To be considered, applicants must demonstrate an appropriate relationship to the entity under administration – such as being a creditor, shareholder (contributory), or an assignee of a debt – and must identify a legitimate reason for initiating an examination. Acceptable purposes include:
Applications must be submitted in writing and include supporting documentation. This includes:
ASIC will also assess whether the examination could be misused, such as to delay or pre-empt other legal proceedings.
ASIC charges a $468 fee for processing applications, which must be paid before a submission is reviewed.
While the agency does not commit to a set timeframe, it said it aims to finalise decisions within one month of receiving all necessary materials. Exceptional cases may be prioritised upon request.
Applicants will be notified in writing of the outcome. If approved, ASIC may specify conditions or limitations on the authorisation. If denied, the agency generally provides reasons, although it is not legally required to issue detailed justifications. Applicants may pursue judicial review of negative decisions.
ASIC emphasised that all application materials are treated confidentially, in line with existing legislative provisions.
The newly issued Information Sheet 293 follows the finalisation of ASIC’s sustainability reporting framework, detailing new requirements for large entities to disclose climate-related risks and financial implications.
The framework is outlined in Regulatory Guide 280 Sustainability Reporting (RG 280), aimed at entities that meet specific financial and workforce thresholds.
These new reporting obligations, which commenced on Jan. 1, apply to companies with substantial assets, revenue, or staff. Entities must submit annual disclosures detailing how climate factors impact their financial strategies, governance, and risk management practices, as required under Chapter 2M of the Corporations Act 2001.
