Small business-ASIC initiated deregistration of company

ASIC has the ability to deregister a company. Once a company is deregistered it ceases to exist as a legal entity and can no longer do anything in its own right. Any assets or property that the company has is held on trust by ASIC.

Generally, ASIC can deregister a company when it has not:

  • paid its annual review fee for at least 12 months after the due date

  • responded to a company compliance notice at least six months after the response was required

  • lodged documents for at least 18 months and there is no reason to believe the company is operating a business.

We can also deregister a company after it has been wound up.

Before ASIC deregisters a company, we will send a letter (to the registered office) advising the company, its directors, and where applicable, the liquidators, of our intention to deregister the company and the reasons why. We will also make a note on the company register that the company is in ‘SOFF’ (strike-off status) and publish a notice on the published notices website.

Companies are deregistered two months after a notice is published on the published notices website.

Once deregistered, ASIC will send a final letter to the directors or liquidators advising that the company has been deregistered.

A director can stop a company from being deregistered if it complies with steps to stop deregistration that are contained in the initial letter to the company, directors or, where applicable, liquidator.

A third party can ask to deter a company from being deregistered if:

  • legal proceedings are underway against the company, or

  • there is an intention to issue legal proceedings against the company.

 

More information on this topic

Cancelling a business name

Four ways to close a company

What happens when a company is deregistered?

What is external administration?

More about small business

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Last updated: 04/11/2013 12:00