The Australian Securities & Investments Commission said it had sought assurances about Mosaic Brands (ASX:MOZ) after its collapse, The Australian reported Tuesday.

ASIC Chair Joe Longo said in a parliamentary hearing that the regulator had spoken to Mosaic's administrators and it may still consider taking action over its collapse, although currently there was "insufficient indication" that warranted such attention.

FTI Consulting is handling the wind-up of Mosaic Brands, which was placed into administration in October 2024.

ASIC was given a confidential briefing about the state of the business and the lead-up to collapse, the regulator's enforcement and compliance director Chris Savundra told a parliamentary hearing.

Senator Deb O'Neill alleged Mosaic Brands had traded while insolvent before its collapse and that there had been repeated delays to Mosaic Brand's suppliers before its collapse.