ASIC Form 506 Sets 14-Day Deadline for External Administrator Change of Address Notices

Key Takeaways

• ASIC's Form 506 (version dated 27 January 2021) requires liquidators, receivers, and controllers to notify ASIC of an address change within 14 days.
• Late lodgement triggers fees.
• Administrators, deed administrators, scheme administrators, and restructuring practitioners have no lodgement requirement.
• Insolvency practitioners and the firms that engage them should confirm their internal processes meet this deadline.

Deep Dive

ASIC's Form 506 (version dated 27 January 2021) requires liquidators, receivers, and controllers to notify ASIC of an address change within 14 days. Late lodgement triggers fees. Administrators, deed administrators, scheme administrators, and restructuring practitioners have no lodgement requirement. Insolvency practitioners and the firms that engage them should confirm their internal processes meet this deadline.

Form 506 must be signed by the external administrator, controller, or scheme administrator. It must state the date of change and the new address, and it must identify the role by ASIC internal form code (for example, 506E for liquidators, 506A for receivers and receivers and managers, 506F and 506G for controllers, and 506K for provisional liquidators). Registered liquidators must also lodge Form 905A under section 35-1 of the Insolvency Practice Rules (Corporations) 2016. Where space is insufficient, applicants may attach photocopied pages or labeled attachments showing the liquidator name, attachment name, page count, and preparation date. Forms may be lodged by post or electronically.

Liquidators, receivers, receivers and managers, managing controllers, and other controllers must lodge within 14 days after the date of change. Late fees apply to these roles if notice is given outside that period, and the fee schedule is on ASIC's forms page. Administrators, deed administrators, scheme administrators under Part 5.1 who are registered liquidators, and restructuring and restructuring plan practitioners have no lodgement requirement under the Corporations Act. ASIC may still update the register if they submit the form voluntarily.

Insolvency practice teams and any institution-affiliated appointees should add address changes to office relocation and change-management checklists, with a trigger that starts the 14-day clock. They should also assign responsibility for dual lodgement of Forms 506 and 905A for registered liquidators, and confirm that signatory authority is documented. Legal and credit teams should check that notice and service addresses for appointed parties are current, and should confirm the current form version on ASIC's website before lodging. Teams should also handle the personal information in submissions in line with ASIC's privacy policy and the institution's own privacy obligations.

Overall impact is low and operational. Missed deadlines lead to late fees and possible regulatory scrutiny of practitioner conduct. Outdated register addresses can also cause misdirected statutory notices and service of documents. Institutions should assess these risks as part of third-party and appointee oversight.

Source: Australian Securities and Investments Commission