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) vests 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 highlights how important it is to finalise any of the company’s ongoing business before deregistration.

What if a deregistered company owes you 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) vests in ASIC
  • trust property (i.e. property held by the company on trust) vests in the Commonwealth and
  • the former officeholders no longer have the right to deal with the vested property.

Read more about the rules regarding property of deregistered companies.

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Last updated: 10/05/2016 01:22