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Deregistering an inactive or dormant company is a relatively simple and inexpensive exercise.

Before deregistering a company it is very important to take the time to consider whether the company truly qualifies for deregistration.

The ASIC form requires you to make the following declaration:

I declare that the statements below are correct.

(a) All members of the company agree to the deregistration; and

(b) the company is not carrying on business; and

(c) the company’s assets are worth less than $1000; and

(d) the company has paid all fees and penalties payable under this Act ; and

(e) the company has no outstanding liabilities; and

(f) the company is not a party to any legal proceedings.

If the declaration is not correct ASIC may prosecute you for swearing a false declaration.

Taking some time to consider the options is worthwhile- consider the fees involved to be a bit of insurance.

By the way, ASIC will deregister your company if you fail to lodge an Annual Return – that’s why it is important to keep your registered office address up to date.

If a company has deregistered , it can be reinstated, although the process will take time if you go through ASIC or cost money if you have to get an order from the court.

Bruce Pasetti 07 3152 4402 bruce.pasetti@stratoslegal.com.au

Luke Gunthorpe 07 3152 4403 luke.gunthorpe@stratoslegal.com.au