Closing your company
Even if your company has stopped trading, it's still registered with ASIC. This means that you must still meet the legal obligations of a company, including paying the annual review fee.
Applying for voluntary deregistration ceases the company as a legal entity and removes you from any obligations as an officeholder. This includes updating changes to the company's details and paying lodgement and annual review fees.
You cannot deregister the company if it owes money, or if it is insolvent. If your company does not meet the criteria for voluntary deregistration, you may need to wind up your company.
Winding up a company
If your company does not meet the requirements for voluntary deregistration (e.g. it has assets worth more than $1000 or it's insolvent), you may need to look into winding up your company.
Winding up a company involves selling a company's assets and distributing the proceeds amongst creditors and shareholders.
When a company is deregistered, it's still shown on our registers. The status will show as 'Deregistered' and it cannot take any action. Read more about the effects of deregistration.
Reinstatement will restore a company to 'Registered' as if it was never deregistered.
There are two methods of reinstatement:
Apply to ASIC for reinstatement
If you meet certain criteria, you can apply to ASIC to reinstate your company.
Apply to the court to order ASIC to reinstate your company
If you don't meet ASIC's criteria for reinstatement, you can apply to the court.
Read more about reinstating a company.