How Do I Deregister a Company with ASIC?

In short

• You can deregister a company with Australian Securities & Investments Commission (ASIC) if the company is no longer trading, has negligible assets, no debts or liabilities, and all members agree.
  

• To deregister, submit Form 6010, Application for voluntary deregistration of a company, pay the fee, and ensure any outstanding ASIC fees, taxes, licences, and registrations are finalised.

• Once deregistered the company ceases to exist legally, assets may vest in ASIC or the Commonwealth, you lose the right to act on behalf of the company, and the company can no longer trade or lodge documents.

Tips for Businesses
Before you apply, double-check that the company has no assets over $1,000, no liabilities, all tax and super obligations are settled, business names and licences are cancelled, and bank accounts are closed. Then lodge Form 6010 online at least two weeks before the next ASIC annual review fee is due to avoid extra cost.

Summarise with:

ChatGPT Gemini Perplexity Microsoft Copilot

Open now

---

Table of Contents

• Ways to Deregister a Company
• Voluntarily Deregister a Company
• Wind Up a Company
• ASIC Deregisters a Company
• Key Takeaways
• Frequently Asked Questions

You can deregister a company or close a company if you no longer require it. You may consider closing your company for several reasons. For example, you may have stopped running your company, sold it, or are ready to retire it. You may also be unable to continue running your business, either physically or financially, and are therefore ready to close it. This article outlines the two processes for deregistering a company with the  Australian Securities and Investments Commission (ASIC).

Ways to Deregister a Company

If your company is solvent, you can close it in two ways:

1. you can apply to ASIC to voluntarily deregister the company; or
2. the members of the company can voluntarily wind it up.

The most appropriate way to close your company depends on whether it is still operating. Further, it also depends on the value of your company’s assets. However, if your company is insolvent, neither of the above methods is an option. Instead, you need to consider voluntary administration or liquidation.

Voluntarily Deregister a Company

A company can voluntarily deregister when it meets specific eligibility criteria and follows the prescribed process. To be eligible for voluntary deregistration, the company must meet the following requirements:

• the company is no longer carrying on business;
• the company has no outstanding liabilities or debts;
• the company has distributed all its assets to members entitled to them;
• the company is not a party to any legal proceedings; and
• the company has paid all fees and penalties payable to the regulator.

The deregistration process involves several key steps:

• all directors must agree to deregister the company and authorise the lodgment of the deregistration application with the corporate regulator;
• a shareholders meeting must then be held, and a special resolution passed, which involves 75% of shareholders in attendance voting in favour, to wind up the company;
• directors must ensure all outstanding obligations are resolved before applying, including filing any overdue annual statements, paying outstanding fees, and settling all debts; and
• the company must notify relevant stakeholders of the intended deregistration, including employees, creditors, and anyone else who may have an interest in the company’s affairs.

You can then apply to ASIC to voluntarily deregister a company by lodging Form 6010. 

Wind Up a Company

If your company does not meet the criteria for voluntary registration and it is solvent, you can wind up your company. Winding up is a process in which all outstanding company matters are finalised, all company assets are liquidated, and the company ceases to exist.

Accordingly, to wind up the company, the following steps must be taken:

• a majority of the directors must declare that the company is solvent;
• the members must pass a special resolution approving the winding up of the company;
• notice of the special resolution must be passed on the ASIC’s website;
• the company must notify ASIC if it has appointed a liquidator;
• the liquidator winds up the company’s affairs; and
• the liquidator finishes winding up the company and lodges its final documents.

ASIC Deregisters a Company

ASIC has the power to deregister a company if:

• the company has not paid its annual review fee within 12 months of the annual review fee due date;
• it does not respond to a company compliance notice from ASIC;
• it has not lodged any documents with ASIC in 18 months and ASIC believes the company has ceased business; or
• the company is being wound up and there is no liquidator.

Additionally, ASIC starts the process by sending a letter to the company’s directors or liquidator (if there is a liquidator) to advise of the pending deregistration. ASIC also posts a notice on its website advising that the company will be deregistered in two months. Accordingly, after two months, ASIC deregisters the company and writes a confirmation letter to the directors.

However, if you wish to stop ASIC deregistering your company, you can:

• pay the company’s annual review fee and any other outstanding fees;
• lodge any required documents; or
• write to ASIC informing them that the company is still in business and trading.

Shareholders Agreement Guide

Starting a business with co-founders? Download this free guide to set clear shareholder rights and prevent disputes

Download Now

Key Takeaways

If your company is solvent, you can close it in two ways. You can voluntarily deregister a company through ASIC, or you can wind it up. It is also essential to be aware that, under certain circumstances, ASIC may deregister a company.

If you have any questions or need assistance with deregistering a company, our experienced business lawyers can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on 1300 544 755 or visit our membership page.

Frequently Asked Questions