CORPORATIONS ACT 2001

CHAPTER 5A - DEREGISTRATION, AND TRANSFER OF REGISTRATION, OF COMPANIES  

PART 5A.1 - DEREGISTRATION  

SECTION 601AB   DEREGISTRATION - ASIC INITIATED   Circumstances in which ASIC may deregister

601AB(1)  
ASIC may decide to deregister a company if:


(a) the response to a return of particulars given to the company is at least 6 months late; and


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


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

601AB(1A)  


ASIC may also decide to deregister a company if the company ' s review fee in respect of a review date has not been paid in full at least 12 months after the due date for payment.

601AB(1B)  


ASIC may also decide to deregister a company if:


(a) the company is liable to pay levy imposed by the ASIC Supervisory Cost Recovery Levy Act 2017 ; and


(b) the company has not paid in full at least 12 months after the due date for payment:


(i) the amount of the levy; and

(ii) the amount of any late payment penalty payable in relation to the levy; and

(iii) the amount of any shortfall penalty payable in relation to the levy.

601AB(2)  
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. Deregistration procedure

601AB(3)  


If ASIC decides to deregister a company under this section, it must:


(a) give notice of the proposed deregistration:


(i) to the company; and

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

(iii) to the company ' s directors; and

(iv) on ASIC database; and


(b) publish notice of the proposed deregistration in the prescribed manner.

601AB(3A)  


When 2 months have passed since the publication of the notice under paragraph (3)(b), ASIC may deregister the company.

601AB(4)  


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

601AB(5)  


ASIC must give notice of the deregistration to everyone who was notified of the proposed deregistration under subparagraph (3)(a)(ii) or (iii).

601AB(6)  


ASIC may refuse to deregister a company under this section if ASIC decides to order under section 489EA that the company be wound up.

601AB(7)  


Subsection (6) does not limit ASIC ' s power to refuse to deregister the company.

View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.