Circumstances in which the ASIC may deregister

(1) ASIC may decide to deregister a company if:

(a)

the company's annual return is at least 6 months late; and

(b)

the company has not lodged any other documents under this Act in the last 18 months; and

(c)

ASIC has no reason to believe that the company is carrying on business.

(2) ASIC may also decide to deregister a company if the company is being wound up and ASIC has reason to believe that:

(a)

the liquidator is no longer acting; or

(b)

the company's affairs have been fully wound up and a return that the liquidator should have lodged is at least 6 months late; or

(c)

the company's affairs have been fully wound up under Part 5.4 and the company has no property or not enough property to cover the costs of obtaining a Court order for the company's deregistration.

Deregistration procedure

(3) If ASIC decides to deregister a company under this section, it must give notice of the proposed deregistration:

(a)

to the company; and

(b)

to the company's liquidator (if any); and

(c)

to the company's directors; and

(d)

on ASIC database; and

(e)

in the Gazette .