As with AFSA, ASIC has now responded to the 2021 “diversity” reforms by focusing on gender balance in the pool of 650 registered liquidators.
It has set a target that at least 25% of ASIC-initiated matters involving the appointment of an external administrator will include at least one female registered liquidator.
These will necessarily come from the limited existing small group of women who are already liquidators.
But ASIC says it will encourage firms to include senior female practitioners in insolvency engagements and to support their substantive involvement.
Replacements, abandoned companies, and reviewing liquidators
ASIC says this policy will extend to:
- ASIC considering gender diversity when exercising its power to appoint a liquidator to fill a vacancy: see s 473A Corporations Act.
- The court can also replace a liquidator and it takes a number of considerations into account when doing so: see Michael, in the matter of Scenic Hinterland Day Tours Pty Ltd (in liq) [2023] FCA 1277; and Crispino, in the matter of Universal Steel Pty Ltd (in liq) [2026] FCA 711, although in neither were gender nor diversity considered
and
- in establishing panels under the Assetless Administration Fund, including for abandoned companies. As I have reported, ASIC’s panel of 60 liquidators wound up only 8 companies in the 2025 financial year, and 9 the year before. https://murrayslegal.com.au/blog/2025/10/11/asics-60-liquidators-to-wind-up-x-abandoned-companies/
and
- in “reviewing liquidator” appointments. On 18 June 2026, ASIC published a new information sheet on its discretionary power to appoint a reviewing liquidator: INFO 9. ASIC’s Reviewing Liquidator Panel comprises registered liquidators whom ASIC can appoint.
- As I have also reported, ASIC appointed only one reviewing liquidator in 2024-2025. https://murrayslegal.com.au/blog/2026/05/05/asics-one-reviewing-liquidator-guidance/
As ASIC says,
“an insolvency profession that draws on a wider range of talent, experience and perspectives will be better placed to maintain capability, resilience and public confidence”.
That may imply that an increased female balance will bring in a wider range of talent, experience and perspectives.
The Productivity Commission
The Productivity Commission now has the task of addressing recommendation 12 of the 2023 PJC Report that the government reform the experience eligibility requirements for registered liquidators, but only
“to address the inequity of the requirements and the gender imbalance in the population of registered liquidators”.
The government says it supports in principle this recommendation and acknowledges the importance of
“increasing inclusivity and improving the representation of women in the registered liquidator profession”.
This is a different approach to that taken by AFSA though it also aims for 25%. Around 85% of trustees are also liquidators.
As to other aspects of diversity
ASIC does not mention the work that it is said to be doing with AFSA as to other aspects of diversity. That is, AFSA says it is working with ASIC on reforms in order to
“ensure the registration process is accessible to suitably qualified candidates from a broader range of professional backgrounds and experiences, supporting greater diversity within the practitioner profession”.
