THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 5A - DEREGISTRATION OF COMPANIES

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SECTION 601AA DEREGISTRATION - VOLUNTARY

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601AA(1)

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Who may apply for deregistration.

An application to deregister a company may be lodged with ASIC by:

(a) the company; or

(b) a director or member of the company; or

(c) a liquidator of the company.

If the company lodges the application, it must nominate a person to be given notice of the deregistration.

601AA(2) Circumstances in which application can be made.

A person may apply only if:

(a) all the members of the company agree to the deregistration; and

(b) the company is not carrying on business; and

(c) the company's assets are worth less than $1,000; and

(d) the company has paid all fees and penalties payable under this Law; and

(e) the company has no outstanding liabilities; and

(f) the company is not a party to any legal proceedings.

601AA(3)

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ASIC may ask for information about officers.

The applicant must give ASIC any information that ASIC requests about the current and former officers of the company.

601AA(4)

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Deregistration procedure.

If ASIC is not aware of any failure to comply with subsections (1) to (3), it must give notice of the proposed deregistration:

(a) on ASIC database; and

(b) in the Gazette.

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

601AA(5) [ASIC must give notice]

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ASIC must give notice of the deregistration to:

(a) the applicant; or

(b) the person nominated in the application to be given the notice.

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