Our client is in the middle of litigation with a company. We have been notified that the company is now looking at de-registration from ASIC.
What happens if the other side goes bust whilst the lengthy drawn out proceedings are being sorted out? Where does that leave our client?
Thank you for the question.
A company that is deregistered ceases to exist and any proceedings, so far as they relate to the company, end on deregistration.
Depending on the proceedings it may be appropriate to contact ASIC to seek recovery as it has power to deal with the property of deregistered companies.
If that is unsuccessful an application may be made to reinstate the company: see s 601AH(2) of the Corporations Act 2001.
See ASIC’s Legal proceedings involving a deregistered company page for more information.
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