Sometimes you need to inform ASIC that your company is not in trading or you want to shut down your company then you have to notify ASIC by lodging specific form. Once the company is deregistered it ceases to exist as a legal entity and can no longer do anything in its own right.
Once a company is deregistered:
- the company’s property (other than trust property) vests in ASIC
- trust property (i.e. property held by the company on trust) vests in the Commonwealth (represented by ASIC)
- the former officeholders no longer have the right to deal with the vested property
- any legal proceedings in which the company is a party cannot be continued (in so far as they relate to the deregistered company).
We can act on behalf of you to ASIC so that you can be worry free. If you need this service, please talk to us.