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Businesses in Australia that trade as companies are required to be registered with the Australian Securities & Investments Commission (ASIC). It’s your responsibility for ensuring that the company maintains its registration with ASIC by keeping your details up to date.

ASIC sends an annual statement shortly after ASIC’s annual review date of the company, which is generally the date the company was registered. The annual statement will include your company’s details and an invoice for the company annual review fee. To ensure your company remains registered you’ll need to comply with the following:

  • Pay your annual company review fee
  • Check and update your company details
  • Pass a solvency resolution

Reasons why ASIC can deregister your company

ASIC may initiate the deregistration of a company for a number of reasons, including a company’s failure to pay an annual review fee or because it has ceased trading.

If ASIC initiates the deregistration process, it will update the company’s status on the register to display as ‘Strike off status’. 

At the end of the strike-off process, the company may be deregistered and cease to exist as a legal entity. This means:

  • The company can no longer do anything in its own right
  • Property held by the company (other than trust property), including money in bank accounts, vests in ASIC
  • Property held on trust by the company vests in the Commonwealth with ASIC as its representative

What if I no longer need my company?

If you no longer need your company, consider applying to ASIC for voluntary deregistration. Before doing so, you should ensure that all financial products and services held in the company name are closed, and you may wish to seek advice from your accountant or financial adviser. Further information on how to deregister a company may be found on ASIC’s website.

What happens if your company is deregistered?

When a company is deregistered, the bank may take steps to freeze any accounts held in the name of the deregistered company. This means you will not be able to access or transact on the accounts.

If the company is not reinstated, the bank may:

  • Close the company’s accounts
  • Apply any credit balance in the company’s accounts against any debts the company owed
  • Send any remaining credit balance in the account that belonged to the company to ASIC (subject to any security arrangements)

The rightful owner may be able to claim credit balances that have been remitted to ASIC. 

Information on how to reinstate a company may be found on ASIC’s website.

If you are experiencing financial difficulty due to your company’s deregistration, or have any questions or concerns, please get in touch with our team on 1300 365 081. You’ll find information about the support we can provide on our website.

The Detail

The information in this article is general in nature and does not take your objectives, financial situation or needs into account. Consider its appropriateness to these factors; and we recommend you seek independent professional legal and/or financial advice about your specific circumstances before making any decisions.