Deregistration vs Liquidation

Voluntary deregistration

Deregistration can occur in two ways – either voluntary or involuntary.  Let’s look at voluntary first.

This involves the Company paying a $42 fee, completing an ASIC form that primarily involves box ticking – and confirming that the information is true and correct.  That’s it –  once accepted by ASIC the Company is wiped from history and unless there are any serious reasons to exhume the company– e.g. fraud, it will remain buried.

The box ticking involves confirming that members of the company agree with the deregistration; the company is not trading and has assets worth less than $1,000. It also must not have liabilities or be involved in any legal proceedings. Read more here.