THE CORPORATIONS LAW

CHAPTER 5A - DEREGISTRATION OF COMPANIES

SECTION 601AE   WHAT ASIC DOES WITH THE PROPERTY  

601AE(1)  [Property held by company on trust]  

If property vested in ASIC under subsection 601AD(2) was held by the company on trust, ASIC may:

(a)  continue to act as trustee; or

(b)  apply to a court for the appointment of a new trustee.

Note:

Under paragraph (a), ASIC may be able to transfer the property to a new trustee chosen in accordance with the trust instrument.

601AE(2)  [Property not held on trust]  

If the company did not hold the property on trust, ASIC may:

(a)  dispose of or deal with the property as it sees fit; and

(b)  apply any money it receives to:

(i) defray expenses incurred by ASIC in exercising its powers in relation to the company under this Chapter; and

(ii) make payments authorised by subsection (3).

ASIC must deal with the rest (if any) under Part 9.7.

601AE(3)  Obligations attaching to property.  

The property remains subject to all liabilities imposed on the property under a law and does not have the benefit of any exemption that the property might otherwise have because it is vested in ASIC. These liabilities include a liability that:

(a)  is a charge or claim on the property; and

(b)  arises under a law that imposes rates, taxes or other charges.

601AE(4)  [ASIC's obligation limited]  

ASIC's obligation under subsection (3) is limited to satisfying the liabilities out of the company's property to the extent that the property is properly available to satisfy those liabilities.

601AE(5)  Accounts.  

ASIC must keep:

(a)  a record of property that it knows is vested in it under this Chapter; and

(b)  a record of its dealings with that property; and

(c)  accounts of all money received from those dealings; and

(d)  all accounts, vouchers, receipts and papers relating to the property and that money.