ASIC Company Deregistration

Deregistering an ASIC (Australian Securities and Investments Commission) company involves the process of officially closing down a company that is registered under the ASIC in Australia. This can happen for various reasons, such as the company no longer being operational or the owners deciding to dissolve the business. Here’s a general overview of the steps involved in the deregistration process:

Prepare Financial Statements: Ensure that the company’s financial statements are up-to-date and accurate. This may include finalizing the company’s accounts, reconciling financial records, and addressing any outstanding liabilities.

Settle Debts and Liabilities: Clear any outstanding debts, liabilities, and obligations the company may have. This can involve paying off creditors, resolving legal matters, and addressing employee entitlements.

Shareholder Approval: If the company has shareholders, a resolution to deregister the company must be passed by the shareholders through a special resolution. The level of approval required may vary depending on the company’s constitution.

Notify Relevant Parties: Inform employees, suppliers, customers, and other stakeholders about the company’s decision to deregister. Provide them with any necessary information and ensure a smooth transition.

Cancel Licenses and Permits: If the company holds any licenses or permits, make sure to cancel them appropriately and notify the relevant regulatory bodies.

Tax Obligations: Settle all outstanding tax obligations with the Australian Taxation Office (ATO). This includes paying any outstanding taxes, lodging necessary tax returns, and obtaining clearance from the ATO.

Clear ASIC Compliance: Ensure that the company has met all ASIC compliance requirements, including lodging all necessary forms and annual statements. You’ll need to have up-to-date records with ASIC before proceeding.

Prepare Deregistration Application: Prepare the necessary documents for deregistration. This typically involves completing ASIC Form 6010, which is the application for voluntary deregistration of a company.

Consent from Majority of Directors: If the company has more than one director, you will need to obtain written consent from the majority of directors stating that the company is able to pay its debts or will not incur any further debts after deregistration.

Lodge Application: Lodge the completed Form 6010 along with any required supporting documents with ASIC. There may be a lodgment fee associated with the application.

ASIC Review: ASIC will review the application and supporting documents. If everything is in order, ASIC will issue a notice of intention to deregister the company.

Publication of Notice: ASIC will publish a notice of the company’s intention to deregister on their website. This allows for any objections to be raised by interested parties.

Deregistration: If no objections are raised during the objection period (usually around 2 months), ASIC will deregister the company. The company’s name will be removed from the register, and it will cease to exist as a legal entity.

It’s important to note that the deregistration process can be complex and time-consuming, and it’s advisable to seek professional advice from accountants, legal advisors, or business consultants to ensure that all legal requirements are met throughout the process. The exact steps and requirements may change over time, so it’s recommended to refer to the latest information on the ASIC website or consult legal professionals familiar with Australian business law.