In limited circumstances an application can be made to ASIC for a transfer of property to the members of a company at deregistration.
ASIC may, but is not obliged to, act on behalf of a deregistered company to transfer property to its members at deregistration.
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A member of a deregistered company cannot deal with the property of the deregistered company as it vests in ASIC.
Members of a company are not automatically entitled to company property. Members are only entitled to a company's surplus property after the completion of a winding-up, and all liabilities have been satisfied. If the company did not complete a winding-up, then ASIC will not act as a 'de facto' liquidator to distribute outstanding deregistered company property.
Generally there are 2 cases where ASIC may consider an application to transfer, rather than require company reinstatement. The application requirements depend on which case applies. Instructions for submitting your application are contained in the relevant Checklists below.
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.
