Answer by Michelle Whitehead, Camden 2570 NSW

• You will need to deregister your company with ASIC in order to comply with your duties as a director. You can only apply for deregistration if:
  • you have the agreement of all members of your company;
  • your company has ceased carrying on business;
  • your company holds less than $1000 in assets;
  • your company has paid all its debts including all entitlements owed to its employees;
  • your company is not a party to any litigation either as plaintiff or defendant; and
  • you are up to date with any fees or fines that must be paid under the Corporations Act 2001 (Cth).
• You will need to sign a declaration stating that you have met all of these requirements before ASIC will deregister the company. It is a criminal offence to make a false statement to ASIC.
• Before applying for deregistration you should also cancel any licences that your company holds relating to your particular industry.
• You will need to fill out Form 6010 Application for voluntary deregistration of a company.
• Since you are contemplating voluntary deregistration it is assumed that your company is currently solvent. You can find out more about the steps required to wind up your company in an orderly manner on the ASIC website: http://asic.gov.au/for-business/closing-your-company/deregistration/winding-up-a-solvent-company/.
•  After your company is deregistered it will cease to be a legal entity although it will remain on the ASIC companies register with a note about its deregistered status.
• A deregistered company’s status can only be restored in certain limited circumstances so it is a good idea to seek legal advice and ensure that there is no alternative that better suits your needs before you take this step.