An anchor assembly for hollow walls comprises an anchor body and a toggle member moveably mounted to the anchor body. The toggle member is displaceable between first and second positions thereof, wherein in the first position the toggle member is substantially aligned with the anchor body such that the anchor assembly can be rotated for insertion in the wall, and wherein in the second position the toggle member extends behind the wall at an angle relative to the anchor body with the anchor body extending through the hole in the wall. The toggle member is held captive in the first position but is displaceable longitudinally along the anchor body when an appropriate fastener is introduced in the anchor body. A deflector is provided for causing, after a sufficient longitudinal displacement of the toggle member has released the same from a captive state thereof, the toggle member to pivot relative to the anchor body to the second position. The toggle member is adapted to then threadably receive the fastener such that further rotation of the fastener draws the toggle member against a hidden side of the wall with the anchor body being held substantially fixed relative to the wall. The toggle member has opposed proximal and distal ends, a recess is being defined in the proximal end of the toggle member and being adapted to receive a bit of a rotary tool, such that the tool can engage the recess in the first position and be rotated for inserting the anchor assembly in the wall with the distal end of the toggle member being adapted to cut through the wall. The anchor body can include a proximal collar defining a hexagonal socket adapted to receive a hexagonal bit of a tool such that the tool can engage the socket such that the tool can engage the recess and can be rotated for inserting the anchor assembly, in the first position, in the wall.