Deregistering a company means that you do not have to continue your obligations as an officeholder. It's a good idea to consider deregistering a company if it's no longer trading.
- Voluntary deregistration
- Winding up a solvent company
- Winding up an insolvent company
- ASIC-initiated deregistration
- Stopping deregistration
- Video - Closing your company
You can apply for voluntary deregistration by lodging an Application for voluntary deregistration of a company?(Form 6010).
For us to accept your application, you need to fulfil these requirements:
- all members of the company agree to deregister
- the company is not conducting business
- the company's assets are worth less than $1000
- the company has no outstanding liabilities (e.g. debts)
- the company is not involved in any legal proceedings
- the company has paid all fees and penalties payable to ASIC.
If the company holds an Australian Financial Services Licence (AFSL) or an Australian Credit Licence (ACL), they should be cancelled first.
If a company is solvent, but does not meet the requirements for voluntary deregistration (e.g. has assets worth more than $1000), the company's members can 'wind up' the company. This involves resolving outstanding affairs including:
- ceasing or selling operations
- payment of outstanding debts and
- appointing a liquidator to manage any assets.
If the company is insolvent, you can't apply for voluntary deregistration. Unless you refinance the company and make it solvent, you will need to consider voluntary administration or liquidation.
For more information about what to do if you're insolvent and your obligations, see Insolvency.
ASIC may deregister a company if we believe the company has ceased trading or has outstanding fees and penalties. This includes:
- the company has not paid its annual review fee within 12 months of the due date
- the company has not responded to a Company compliance notice or
- the company has not lodged any documents in 18 months and we believe the company is no longer in business.
If you've applied for voluntary deregistration and changed your mind or ASIC has begun to deregister your company, you may be able to stop deregistration.
A third party (e.g. another company) can apply to ASIC to defer deregistration of a company if they are conducting, or plan to conduct, legal proceedings against the company.
We've put together a short video to help you understand when you can close your company, how to do it, and what you need to consider.