If you ever wondered what would happen if you didn’t pay your annual ASIC fee (currently $267 per annum) then wonder no more. Your company might end up involuntarily deregistered.
Is it easy to fix ?
No. Although applying to ASIC for the reinstatement of a company is preferable to a court application – neither is an easy or inexpensive process. The application to a court must be to a superior court such as the Supreme Court, the Federal Court or the Family Court so think filing fee as well as legal fees.
If the company hasn’t been wound up then a director might apply to ASIC to administratively re-register the company. The application requires payment of an application fee, the outstanding annual fees, and proof as to why the company should not have been deregistered e.g the company was carrying on business and should therefore not have been deregistered. Third parties can also ask ASIC to have the company re-registered if it meets ASIC’s criteria and they can show that legal proceedings were underway at the time of the deregistration. Read more here.