A Deregistered Business or Company is an entity that has been deregistered by ASIC, whether voluntarily, as initiated by ASIC or at the request of a liquidator, ceases to exist as a legal entity.
The key outcomes of deregistration are that the company no longer exists as a legal entity and any undispersed property of the company is conferred to ASIC. In other words, once the company is deregistered, ASIC will be the organisation who manages any assets of the company. As this is the case, all company assets should be reassigned before lodgement of the deregistration application.
For ASIC to accept a voluntary application to deregister a company, the applicant will need to fulfill these requirements:
• all members of the company agree to deregister
• the company is not conducting business
• the company's assets are worth less than $1000
• the company has no outstanding liabilities (e.g. debts)
• the company is not involved in any legal proceedings
• the company has paid all fees and penalties payable to ASIC
The applicant must be a director of the company, a shareholder of the company, the company itself, or a company liquidator.