ASIC has released Information Sheet 293 Requesting eligible applicant authorisation (INFO 293) explaining the process for individuals or entities wanting to be authorised as eligible applicants under the Corporations Act 2001.

Eligible applicant authorisation enables individuals or entities to apply to a court to conduct or take part in public examinations related to the affairs of a company in external administration.

INFO 293 explains:

• who can be an eligible applicant
• how to become an eligible applicant, and
• the matters and principles ASIC considers when deciding whether to grant a request for eligible applicant authorisation.

INFO 293 also explains what individuals or entities need to provide to ASIC, where to submit their application, the fees required and how we will notify them of our decision.

ASIC may provide authorisation for individuals or entities to become eligible applicants under sections 596A, 596B and 597 of the Corporations Act.

Eligible applicants are persons who meet the definition of ‘eligible applicant’ in Section 9 of the Corporations Act and include a person who is authorised in writing by ASIC to be an eligible applicant.

ASIC is Australia’s corporate, markets and financial services regulator.