In any appointment, the objectives of the insolvency practitioner will be to preserve and realise the company’s assets and to distribute any surplus to creditors. All appointments as Liquidator or Voluntary Administrator are underpinned by the independence of the registered liquidator taking the appointment. The practitioner who takes the appointment must not only be independent and without conflict of interest or duty, he or she must be seen to be independent and without conflict of interest or duty.
Investigations must be carried out according to statutory requirements and the code of professional practice provided by the industry’s professional bodies.
ASIC is provided with reports of the findings of the external administration’s investigations and usually provides clearances to the administration to be finalised after various declarations have been provided by the liquidator or administrator.