Deregistered company bank accounts
It is inappropriate for a bank account to remain open in the name of a deregistered company.
Please note that on this page "bank" includes credit unions, building societies and other authorised deposit-taking institutions.
Bank accounts with a credit balance
Any funds in a company's bank account at the date of deregistration would generally vest in ASIC. If an account registered in the name of a deregistered company is identified it should be immediately frozen (for both deposits and withdrawals).
ASIC recommends banks contact their client, advising them the company's account is frozen, and providing them with an opportunity to reinstate the company. If the company remains deregistered the account should be closed and the funds sent to ASIC's Unclaimed Monies Unit.
Information on how to lodge money can be found here Unclaimed money - how to lodge money unclaimed under the Corporations Act. Follow the links to s601AD(2) [if the company was not acting as a trustee] or s601AD(1A) [if the company was acting as a trustee of a trust].
Funds sent to ASIC on behalf of a deregistered company will be searchable on ASIC's MoneySmart website. Any party wishing to claim should go to How to claim money owed to a deregistered company for more information.
Bank accounts with a debit balance (i.e. overdrawn)
If an account registered in the name of a deregistered company with a debit balance is identified it should be immediately closed.
If the bank is a secured creditor of the company ASIC has no objection to them enforcing their security to recover the outstanding debt. Alternatively, if the bank does not have security they will need to reinstate the company to recover any outstanding debt.
Bank accounts with a nil balance
It is inappropriate for a bank account to remain open in the name of a deregistered company, even if the account has a nil balance. These accounts should be closed as soon as they are identified.
Bank accounts held as trustee of a trust
Where a deregistered company held a bank account as trustee of a trust ASIC has no objection to the bank account being transferred to the new trustee where the bank is satisfied of the new trustee's appointment.
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.