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Companies

Caveat removal

A deregistered company has a caveat over your property.

A company that holds a caveat over property (the caveator) can be deregistered without the caveat being withdrawn. A caveat over property may prevent the property owner from dealing with the property, including selling it.

When will ASIC consider an application to withdraw a caveat?

ASIC may – but is not obliged to – complete an outstanding obligation on behalf of a deregistered company and withdraw a caveat in favour of a deregistered company.

Generally ASIC will consider an application to execute a withdrawal of caveat where:

  1. the obligation secured by the caveat (e.g. money owed) was satisfied before the deregistration of the caveator and
  2. the alternative remedies are not available to you.

If there are still outstanding obligations secured by the caveat, please contact ASIC's Property Law Team via email to determine what options may be available to you.

Alternative remedies you must try before applying to ASIC

1. Request to titles office directly

ASIC exercises its powers under the Act as a last resort only and not usually where another legal remedy is available. If you have satisfied the obligation secured by the caveat (e.g. you have repaid all monies owed to the caveator) then before you apply to ASIC, you should contact the relevant land titles office to enquire about lapsing or otherwise removing the caveat.

The lapsing and removing remedies are still available despite deregistration of the caveator. Any notice which is required to be served on the caveator can be served on the deregistered company, c/- ASIC’s Property Law Group. ASIC's usual response to a notice is that it does not intend taking any steps to prevent the Registrar from lapsing or removing the caveat.

ASIC has no objection to the Land Titles Office removing the caveat under the State legislation. You can refer the Land Titles Office to this website when making your application.

Examples of relevant provisions include:

  • ACT - Sections 106 (lapsing) or 107 (removal) of the Land Titles Act 1925 (ACT)
  • NSW - Section 74J of the Real Property Act 1900 (NSW)
  • NT - Sections142 (lapsing) or 144 (cancelling) of the Land Title Act (NT)
  • QLD - Sections 126 (lapsing) or 128 (cancelling) of the Land Title Act 1994 (Qld)
  • SA - Section 191(e) of the Real Property Act 1886 (SA)
  • TAS - Sections 136 (lapsing) or s136A (cancellation) of the Land Titles Act 1980 (Tas)
  • VIC - Section 89A of the Transfer of Land Act 1958 (Vic)
  • WA - Sections 138B (lapsing) and 141A (removal) of the Transfer of Land Act 1893 (WA)

For more information on removing caveats please contact the relevant Land Titles Office.

2. Reinstatement

Before making an application for ASIC to deal with the property, you should ask via asic.gov.au/question if reinstatement of the company by ASIC is available. If it is, then it will be more convenient and perhaps more cost-effective for you. Reinstatement is also appropriate if there is any dispute between you and the caveator which needs resolution by a court.

See Apply to ASIC to reinstate a company for more information.

How to apply to ASIC for a withdrawal of caveat

If the alternative remedies outlined above are not available to you then you may wish to apply to ASIC's Property Law Team for a withdrawal of caveat.

Checklist: Withdrawal of caveat

Use this Checklist to prepare, and then submit, your application to ASIC:

Download PDF Checklist – Withdrawal of Caveat under s601AF (PDF 318 KB)

Instructions for submitting your application are contained in the Checklist.

You will also need to complete the following indemnity. 

Indemnity: Withdrawal of caveat

This indemnity is to be used when making an application to ASIC's Property Law Group for the withdrawal of a caveat over your property in the name of a deregistered company.

Download draft indemnity: Withdrawal of caveat (Word 60KB)

More information

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.