On 4 February 2016, the Senate referred the following matter to the Economics References Committee for inquiry and report by 12 May 2016:

The causes and consequences of the collapse of listed retailers in Australia, with particular reference to:

1. the conduct of private equity firms prior to, during and after corporate takeovers;
2. the role of the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission in overseeing corporate takeovers;
3. the effect of the appointment of external administrators on secured and unsecured creditors, including employees and consumers of retail businesses;
4. the effect of external administration on gift card holders and those who have made deposits on goods not delivered;
5. the desirability of the following proposals in the event that gift card holders are unable to redeem their gift cards following the appointment of external administrators:
   1. placing an obligation on external administrators to honour gift cards,
   2. a requirement that funds used to purchase gift cards be kept in a separate trust account by businesses,
   3. directors to be personally liable for the value of gift cards purchased; and
6. any related matters.