To be eligible you must have been a Director, secretary, or member of the company at the time when it was deregistered. If your company has already been deregistered, you must apply to ASIC for reinstatement. You may be required to pay any outstanding fees, lodge relevant documentation, or simply write to ASIC to inform them that the company is still actively trading. For instance, if you have just received a letter advising you of a pending deregistration, it will include the relevant steps that can be taken to stop the striking off action. ![]() The necessary actions taken to stop an ASIC strike off action will depend on why the company is being deregistered and the striking off phase that it is currently in. They no longer have the right to deal with property and other assets that were registered in the company's name. In essence, the regulator will take control of, and assume any benefit of company property.ĭirectors: The rights of ‘former’ officeholders become both restricted and limited. Any legal proceedings that the company was a party to can no longer continue nor can any new proceedings against the company begin.Īssets: Property owned by the company vests in ASIC while property held on trust vests in the Commonwealth represented by ASIC. Legal Capacity: As the company ceases to exist, it is no longer recognised as a legal entity and no longer holds any legal capacity. This has an impact on a wide range of business areas as outlined below: In the process of being deregistered your company will also be dissolved. Striking off a company is significant in more ways than one. What happens if your company is struck off? The process highlights both the emphasis on clarity from the regulator, and the key responsibilities for company Directors.
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