21 June 2019
Companies – Effect of deregistration on contracts and officeholders
The client entered into a contract with a company. It turns out that the company was deregistered on the date of the contract. Is this contract valid and can it be enforced?
Thank you for the question.
A deregistered company ceases to exist as a legal entity and cannot enter into a contract in its own right. Former officeholders no longer have the right to deal in the company name. Deregistered company property vests in ASIC or the Commonwealth, and ASIC is generally the only party legally able to deal with company property after deregistration.
Depending on the facts, the contract might be able to be enforced against the officeholder personally.
Regards
Mentor
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