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.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2