A company may be deregistered after it is closed down (e.g. voluntary deregistration), liquidated (by the members, court or creditors) or struck off the register of companies by ASIC (e.g. for outstanding annual review fees).
Once a company is deregistered:
- It ceases to exist as a legal entity and can no longer do anything in its own right.
- Property the company owned (other than trust property) vests in ASIC.
- 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 property registered in the company's name.
- Any legal proceedings in which the company is a party cannot be continued (in so far as they relate to the deregistered company).
- You cannot start legal proceedings against the company.
The process to deregister a company varies depending upon whether the company is solvent or insolvent. Solvent companies can be voluntarily deregistered by lodging form 6010 with ASIC. Insolvent companies require the appointment of a liquidator.