Effects of deregistration
The last step in closing down a company is for it to be removed from the register of companies (i.e to be deregistered). Once the company is deregistered it ceases to exist as a legal entity and can no longer do anything in its own right.
Once a company is deregistered:
the company's property (other than trust property) vests in ASIC
trust property (i.e. property held by the company on trust) vests in the Commonwealth (represented by ASIC)
the former officeholders no longer have the right to deal with the vested property
any legal proceedings in which the company is a party cannot be continued (in so far as they relate to the deregistered company).
For more information see:
What happens to property of deregistered companies?
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This is only a general guide as to ASIC's approach to the property and rights that pass to ASIC and the Commonwealth on deregistration of a company. This document does not represent legal advice and should not be interpreted as such. Each application or inquiry will be considered on its facts and decided on its individual merits, based on all the information available to ASIC at the time. We encourage you to seek your own professional advice to find out how the law applying to deregistered companies affects your individual circumstances.