ASIC may, but is not obliged to, complete an outstanding obligation on behalf of a deregistered company and transfer property from a deregistered company.
See below for Information about transferring trust property to a new trustee: Indemnity: Transfer under section 601AF.
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ASIC generally exercises its discretionary powers under the Act to deal with vested property as a last resort. You will need to ensure the following alternative remedies are not available to you before you apply to ASIC for a transfer. The cost of alternative remedies by itself is not a sufficient basis for ASIC to exercise its powers to deal with property.
If the alternative remedies outlined above are not available to you then you may wish to apply to ASIC's Property Law Group for a transfer of the property.
Use this Checklist to prepare, and then submit, your application to ASIC:
Instructions for submitting your application are contained in the Checklist.
You will also need to complete the following indemnity:
This indemnity is to be used when making an application to ASIC's Property Law Group for the transfer of property, from a company that has become deregistered, under section 601AF of the Corporations Act 2011.
This is only a general guide as to ASIC's approach to the property and rights that pass to ASIC and the Commonwealth on deregistration of a company. This document does not represent legal advice and should not be interpreted as such. Each application or inquiry will be considered on its facts and decided on its individual merits, based on all the information available to ASIC at the time. We encourage you to seek your own professional advice to find out how the law applying to deregistered companies affects your individual circumstances.
