If the company lodges the application, it must nominate a person to be given notice of the deregistration.

Circumstances in which application can be made

(2) A person may apply only if:

(a)

all the 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 $1,000; 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.

ASIC may ask for information about officers

(3) The applicant must give ASIC any information that ASIC requests about the current and former officers of the company.

Deregistration procedure

(4) If ASIC is not aware of any failure to comply with subsections (1) to (3), it must give notice of the proposed deregistration:

(a)

on ASIC database; and

(b)

in the Gazette .