THE CORPORATIONS LAW

CHAPTER 5A - DEREGISTRATION OF COMPANIES

SECTION 601AB   DEREGISTRATION - ASIC INITIATED  

601AB(1)  Circumstances in which ASIC may deregister.  

ASIC may decide to deregister a company if:

(a)  the company's annual return is at least 6 months late; and

(b)  the company has not lodged any other documents under this Law in the last 18 months; and

(c)  ASIC has no reason to believe that the company is carrying on business.

601AB(2)  [Company being wound up]  

ASIC may also decide to deregister a company if the company is being wound up and ASIC has reason to believe that:

(a)  the liquidator is no longer acting; or

(b)  the company's affairs have been fully wound up and a return that the liquidator should have lodged is at least 6 months late; or

(c)  the company's affairs have been fully wound up under Part 5.4 and the company has no property or not enough property to cover the costs of obtaining a Court order for the company's deregistration.

601AB(3)  Deregistration procedure.  

If ASIC decides to deregister a company under this section, it must give notice of the proposed deregistration:

(a)  to the company; and

(b)  to the company's liquidator (if any); and

(c)  to the company's directors; and

(d)  on ASIC database; and

(e)  in the Gazette.

When 2 months have passed since the Gazette notice, ASIC may deregister the company.

601AB(4)  [Notice at ASIC's option]  

ASIC does not have to give a person notice under subsection (3) if ASIC does not have the necessary information about the person's identity or address.

601AB(5)  [ASIC must give notice]  

ASIC must give notice of the deregistration to everyone who was notified of the proposed deregistration under paragraph (3)(b) or (c).