Applying to ASIC to deal with deregistered company property

ASIC exercises its discretionary powers to deal with vested property as a last resort, usually when other remedies are unavailable.

Information about how ASIC deals with different property types and alternative remedies you must try before you apply to ASIC is available through the links below. If alternative remedies are not available to you, the links provide a checklist for preparing an application and instructions on how to submit your application to ASIC.

Please note there is no guarantee that an application will be successful. There may be circumstances where ASIC does not consider it appropriate to deal with deregistered company property. In those circumstances, the company may need to be reinstated to deal with the property itself.

Remove a mortgage, caveat or lease

Transfer property registered in the name of a deregistered company

Transfer trust property to a new trustee

Purchase property from ASIC

Deal with property with an encumbrance over it

How long will it take to assess my application

ASIC usually makes a decision within 28 days of receipt of all requested materials. You need to take this timeframe into account and if necessary, re-schedule any transactions (e.g. settlement dates) to include this 28 day period. Delays occur when incomplete applications are submitted.

Please allow at least 21 days before enquiring about the progress of your application.

Urgent applications

In certain situations, ASIC may consider applications on an urgent basis (i.e. within a specific and short timeframe). However, ASIC will only do so in exceptional circumstances because this would give the urgent application priority over other applications lodged in a timelier manner.

Applicants must therefore clearly demonstrate that the urgency results from factors beyond their reasonable control that they could not have reasonably foreseen. Settlement of a contract of sale is not a sufficient basis for urgent consideration.

Do I need legal representation

While ASIC receives many satisfactory applications from applicants directly, you may wish to consider seeking independent legal advice. ASIC is only able to provide you with guidelines on how to make the application.

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 enquiry 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.

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Last updated: 01/04/2014 12:00