Commonwealth Consolidated Acts Commonwealth Consolidated ActsCompany ceases to exist
(1) A company ceases to exist on deregistration.
Note: Despite the deregistration, officers of the company may still be liable for things done before the company was deregistered.
Trust property vests in the Commonwealth
(1A) On deregistration, all property that the company held on trust immediately before deregistration vests in the Commonwealth. If property is vested in a liquidator on trust immediately before deregistration, that property vests in the Commonwealth. This subsection extends to property situated outside this jurisdiction.
Other company property vests in ASIC
(2) On deregistration, all the company's property (other than any property held by the company on trust) vests in ASIC. If company property is vested in a liquidator (other than any company property vested in a liquidator on trust) immediately before deregistration, that property vests in ASIC. This subsection extends to property situated outside this jurisdiction.
Rights and powers in respect of property
(3) Under subsection (1A) or (2), the Commonwealth or ASIC takes only the same property rights that the company itself held. If the company held particular property subject to a security or other interest or claim, the Commonwealth or ASIC takes the property subject to that interest or claim.
Note: See also subsection 601AE(3)--which deals with liabilities that a law imposes on the property (particularly liabilities such as rates, taxes and other charges).
(3A) The Commonwealth has, subject to its obligations as trustee of the trust, all the powers of an owner over property vested in it under subsection (1A).
Note: Section 601AF confers additional powers on the Commonwealth to fulfil outstanding obligations of the deregistered company.
(4) ASIC has all the powers of an owner over property vested in it under subsection (2).
Note: Section 601AF confers additional powers on ASIC to fulfil outstanding obligations of the deregistered company.
Company books to be kept by former directors
(5) The directors of the company immediately before deregistration must keep the company's books for 3 years after the deregistration.
(6) Subsection (5) does not apply to books that a liquidator has to keep under subsection 542(2), or subsection 70 - 35(1) of Schedule 2 (retention and return or destruction of books).
Note: A defendant bears an evidential burden in relation to the matter in subsection (6), see subsection 13.3(3) of the Criminal Code .
(7) An offence based on subsection (5) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal
Code .