When a company is dissolved as part of the liquidation process, the business is closed permanently. Therefore, the company assets and liabilities are dealt with, and the organisation is removed from the register at Companies House.
Do I still owe money to a dissolved company?
When a company is dissolved, its liabilities are usually extinguished. If the debt was not secured, the creditor will need to apply to restore the company to the register and bring legal proceedings against the restored company to recover any monies owed to it by the company.
How do I reinstate my deregistered close corporation?
It is only the company or close corporation or its duly appointed representative that can file the annual returns.
- Step 1: Assessment.
- Step 2: Deposit funds.
- Step 3: Re-instating the company or close corporation.
- Re-instating by court order.
- Apply for re-instatement of your company by submitting a CoR40.5.
What happens if a company is deregistered?
Once a company is deregistered it ceases to exist as a legal entity. The legal proceedings, so far as they relate to the deregistered company, ended upon the company’s deregistration. Anyone wishing to continue the proceedings against the company will need to have it reinstated.
Can you deregister a company with debt?
One has to file sufficient documentary proof indicating that the company or CC was in business or that it has outstanding assets or liabilities at the time of deregistration. If a creditor is somehow able to overcome all these hurdles and restore the company or CC, there are usually significant fees to be paid.
Why would a company be deregistered?
A company may be deregistered after it is closed down (e.g. voluntary deregistration), liquidated (by the members, court or creditors) or struck off the register of companies by ASIC (e.g. for outstanding annual review fees). you cannot start legal proceedings against the company.
How long does deregistration of a company take?
How long does the de-registration process takes? The deregistration process, depending on the cause of deregistration, may take up to 3 months.
Can a company be automatically deregistered?
Deregistration will also be triggered when two or more successive annual returns are outstanding, in which case the company or close corporation will be automatically referred by the system and then notified by registered mail or alternative electronic methods of communication.
How long does it take to deregister a company?
The process can take up to two weeks. Deregistration will take place two months after ASIC publishes its notice. If you change your mind about deregistering the company, you may be able to stop deregistration.
