Effects of deregistration

Once a company has been deregistered, it ceases to exist as a legal entity and can't do anything in its own right.

Effects of deregistration

When a company is deregistered:

  • Any property still owned by the company (excluding trust property) is vested in ASIC. Trust property is vested in the Commonwealth.
  • Former officeholders lose any right to deal in the property that has now been vested.
  • Any legal proceedings involving the company cannot continue, as the company no longer exists.

This means it's important to finalise any of the company’s ongoing business before deregistration.

What if a deregistered company owes me money?

If a deregistered company owes you money, you become a creditor of that company. You can be either a secured creditor or an unsecured creditor.

Read more about creditors and what you can do.

Keeping records of the company's books

The company directors (at the time of deregistration) must keep the company's books for at least three years from the date of deregistration.

The company's 'books' can include:

  • a register
  • documents
  • financial reports or
  • any other record of information.

Property of deregistered companies

When a company is deregistered:

  • the company's property (other than trust property) is vested in ASIC
  • trust property (i.e. property held by the company on trust) is vested in the Commonwealth and
  • the former officeholders no longer have the right to deal with the vested property.

Read more about the rules about property of deregistered companies.

What happens to a business name held by a deregistered company?

If a deregistered company holds a business name, the business name cannot be used as the company no longer exists. If you want to use the business name, you will need to reinstate the company and transfer the business name to a new holder.

Learn more about transferring a business name

You can also reinstate the company and continue to trade under the business name with the company as the holder.

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Last updated: 05/09/2016 02:34