Reinstatement by ASIC

(1) ASIC may reinstate the registration of a company if ASIC is satisfied that the company should not have been deregistered.

Reinstatement by Court

(2) The Court may make an order that ASIC reinstate the registration of a company if:

(a)

an application for reinstatement is made to the Court by:

(i)

a person aggrieved by the deregistration; or

(ii)

a former liquidator of the company; and

(b)

the Court is satisfied that it is just that the company's registration be reinstated.

(3) If the Court makes an order under subsection (2), it may:

(a)

validate anything done between the deregistration of the company and its reinstatement; and

(b)

make any other order it considers appropriate.

Note: For example, the Court may direct ASIC to transfer to another person property vested in ASIC under subsection 601AD(2).

ASIC to give notice of reinstatement

(4) ASIC must give notice of a reinstatement in the Gazette . If ASIC exercises its power under subsection (1) in response to an application by a person, ASIC must also give notice of the reinstatement to the applicant.

Effect of reinstatement

(5) If a company is reinstated, the company is taken to have continued in existence as if it had not been deregistered. A person who was a director of the company immediately before deregistration becomes a director again as from the time when ASIC or the Court reinstates the company. Any property of the company that is still vested in ASIC revests in the company. If the company held particular property subject to a security or other interest or claim, the company takes the property subject to that interest or claim.