Agents have the ability to set up a direct debit account with asic. Application of act to government entities part 2establishment of regulators 12. The consequences of reregistration of deregistered companies. Application for deregistration of companies and close corporations in terms of the companies act, 2008 act 71 of 2008 the companies act, 2008 allows the companies and intellectual property commission cipc to upon request from the company or close corporation, or any other party. The company was in liquidation prior to deregistration unless it was a members voluntary liquidation. Companies act regulation 40 the commission may start the deregistration process for companies and close corporations in the following instances. Company ceases to exist 1 a company ceases to exist on deregistration note. Close corporations act updated to 1 may 2011 act 69 of 1984 g. Dissolutionderegistration and restoration of a company.
Corporations act 2001 sect 601ad effect of deregistration. Why is the status changed to reinstatement process after the processing of the application and. Debt collecting against a deregistered close corporation. The corporations act 2001 cth is an act of the commonwealth of australia which sets out the laws dealing with business entities in australia at federal and interstate level. If the company lodges the application, it must nominate a person to be given notice.
If the applicant is the company, it must nominate a person to be given notice of the deregistration. The act is the primary basis of australian corporations law. The lodgement fee for the voluntary deregistration of a company form 6010 must be lodged with the document before asic will process a deregistration. Close corporations amendment act 8 of 1994 gg 891 deemed to have come into force on 1 march 1994, except for section 5, 14 and 30. Functions of standing advisory committee on company law in relation to corporations part iii registration, deregistration and conversion 12. A company or cc may be deregistered by the companies and intellectual property commission cipc if it failed to timeously lodge its annual. Corporations amendment life insurance remuneration arrangements act 2017 c2017a00006. Corporations act 2001 application for 601pa voluntary. In addition to the duty to deregister a company, the companies commission cipc may otherwise remove a company from the companies register in the following circumstances. Registration of body as company on basis of state or territory law 5i. Transitional period means the period of 2 years from the commencement of the financial services reform act 2001. In terms of s 822 b of the act, the cipc must remove the companys name from the register.
Application for deregistration of companies and close corporations in terms of the companies act, 2008 act 71 of 2008 the companies act, 2008 allows the companies and intellectual property commission cipc to upon request from the. If you have set up a direct debit account, ensure that the asic direct debit option is flagged in the settings screen before the form. Directors liability for fraudulent phoenix activity melbourne law. It deals primarily with companies but also with other entities, such as partnerships and managed investment schemes. An important issue that has been a source of much debate since the companies act, no 71 of 2008 companies act came into force on 1 may 2011 involves the consequences of reregistering a deregistered company or close corporation cc. Release of liquidator and deregistration of company. Corporations act 2001 international insolvency institute. Consequences of default in complying with conditions for registration as a private company 18. Amendments to close corporations act definitions 2. Deregistration at the end of the winding up process is the event that will terminate a companys membership of a consolidated group.
If the company lodges the application, it must nominate a person to be given notice of the deregistration. If there is insufficient space in any section of the form, you may photocopy the relevant pages and submit as part of this lodgement. If the company or close corporation was finally deregistered, the company or close corporation must apply for reinstatement. Payment must be included when lodging the form and can be made by cheque or. As such, it is intended to provide the reader or hisher entity with general information of interest. Deregistration will also be triggered by the companies and intellectual property commission cipc when two or more successive annual returns required to be filed and paid in terms of section 33 of the companies act 71 of 2008 the act are outstanding, and the company has failed to give satisfactory reasons for the failure to. Deregistration asic australian securities and investments. Guide to statutory declaration for claims by former. Form 6010 lodgement date and the company s deregistration. Legislation references, corporations act 2001\601aa\1. At the end of its doing business, a company may also be deregistered or dissolved.
Apr 17, 2015 deregistration of companies and close corporations. If the commission believes that the company close corporation has been inactive for 7 years before 1 may 2011, and under the 1973 companies act and close corporations act, business would have been referred for deregistration where annual returns were outstanding for a period of six months. Corporations act 2001 application for asic reinstatement. The direct debit account is used for payments for lodging certain forms with asic including the voluntary deregistration of a company 6010. Effect of things done during administration of company 451d. Close corporations and companies are now governed by the new companies act which provides that deregistration does not affect the liability of any former director, shareholder or member or any other person for any act or omission which took place before the company was deregistered.
Corporations act 2001 federal register of legislation. The registration of a company also known as incorporation brings the company into existence. Deregistration and reinstatement this proposal suggests a number of changes to the provisions in the corporations law on deregistration and reinstatement of defunct companies sections 571579. Section 601ah of the corporations act s 601ah, allows a person aggrieved by the deregistration of a company to apply for the reinstatement of its registration. Where the company has transferred its registration to a foreign jurisdiction in terms of section 825.
Its a good idea to consider deregistering a company if its no longer trading. A company or cc may be deregistered by the companies and intellectual property commission cipc if it failed to timeously lodge its annual returns with the. If the commission believes that the companyclose corporation has been inactive for 7 years before 1 may 2011, and under the 1973 companies act and close corporations act, business would have been referred for deregistration where annual returns were outstanding for a period of six months. Close corporations act 26 of 1988 legal assistance centre. The balance sheetfinancials of the company are included with the application form. In upholding these crucial corporate characteristics, company law facilitates. Australian insolvency section corporations act 2001. Transparency and accountability of close corporations 6. The appointment of a liquidator to a company does not of itself affect a companys membership of a consolidated group or the membership of its whollyowned subsidiaries. If you want to deregister your company, you can lodge a form 6010.
Co and cc deregistration, reinstatement and liquidations. Insert name and acn of deregistered company in whose name the funds are held by asic. Additional information a responsible entity can only apply for deregistration of a scheme in one of the following circumstances. Deregistering a company means that you do not have to continue your obligations as an officeholder. The company constitution has been providedincluded with the application form. In terms of section 4 of the close corporations amendment act, no. You can apply for voluntary deregistration by lodging an application for voluntary deregistration of a company form 6010. Corporations act 2001 sect 601aa deregistrationvoluntary. It should be noted that this process cannot be used if the reason for the deregistration is non compliance with annual returns. Court ordered or creditors voluntary, you will need to arrange for the company to be reinstated and a liquidator appointed to distribute the funds. Corporations act 2001 sect 601aa deregistration voluntary. Its property, if any, vests in the state as bona vacantia. The corporations act 2001 cth the corporations act, or ca 2001 is an act of the commonwealth of australia which sets out the laws dealing with business entities in australia at federal and interstate level. The consequences of reregistration of deregistered.
The company or close corporation requests the deregistration of the company. Rescue of financially distressed close corporations 7. Reinstatement of deregistered companies and close corporations. Limitation of period to incorporate close corporations or convert companies 3. The applicant for deregistration of a company must be the company, a director or member of the.
Information on how to reinstate a company is available. I, the applicant, apply to deregister the above company under subsection 601aa 2 of the corporations act 2001. Deregistration of close corporations after the commencement of the new companies act on 1 may 2011 section 26 of the close corporations act has been repealed and was replaced by a single subsection that makes the provisions of the companies act 2008 applicable to the deregistration of a close corporation cc. It deals primarily with companies but also with other entities, such as. Understanding the new companies act pwc south africa. Uniform civil procedure corporations proceedings amendment rule 2018 v14 2018 sl no. Application for voluntary deregistration of a company. Dormant company versus company deregistration abn australia. Insolvency practice schedule corporations chapter 5aderegistration, and transfer. Deregistration of companies and close corporations visavis. Part i formation and juristic personality of close corporations s 2 2. Debt collecting against a deregistered close corporation or. Underwriting agents category means a category in which a member may nominate to fall within for the purpose of election of directors. Application for voluntary deregistration of a company form.
The deregistration was asic initiated under s601ab1, 1a, or 1b of the corporations act the company was voluntarily deregistered via form 6010 application for voluntary deregistration of a company. Time for doing act does not run while act prevented by this part part 5. If the court is satisfied it is just that the companys registration be reinstated, it can make such an order 8 and other associated orders. Land title practice manual part 50 corporations and companies. Responsibilities part 3registering a company division 1types of companies 14. Trust property vests in the commonwealth 1a on deregistration, all property that the company held on trust immediately before. An act to make provision in relation to corporations and financial products and services, and for other purposes. Deregistration and reinstatment of companies and close corporations a company or close corporation for ease of reading we only refer to a company hereafter as the deregistration and reinstatement is the same, other than costs of filing and reinstatement which differ as set out below may be deregistered.
A description of the current law on these issues is at pages 5 and 6. The company has paid all fees and penalties payable under the corporations act 2001 cth. Lodging the voluntary deregistration of a company 6010. Notice of deregistration of the rubicon japan trust as you may be aware, i was appointed liquidator of the company on 22 october 2009 following a resolution passed by creditors in a meeting convened pursuant to section 439a of the corporations act 2001 cth act.
The company is not a party to any legal proceedings the company has paid all fees and penalties payable under the corporations act 2001. The company or close corporation failed to lodge annual returns for two successive years. Jan 29, 2018 an act to make provision in relation to corporations and financial products and services, and for other purposes. Despite the deregistration, officers of the company may still be liable for things done before the company was deregistered. Chapter 5aderegistration, and transfer of registration, of companies. Who may apply for deregistration 1 an application to deregister a company may be lodged with asic by. The company is not a party to any legal proceedings. Once approved, asic publishes a notice about the proposed deregistration in the asic. A business can be referred for deregistration upon request from the company or close corporation or any other third party, provided that the company or close corporation has ceased to carry on business. No supporting documents are required to object to the deregistration. Close corporations act 26 of 1988 og 5658 brought into force after namibian independence on 1 march 1994 by proc.