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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
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(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)  

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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)  

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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)  

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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)  

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

601AB(4)  

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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)  

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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)  

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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)  

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


 



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