Trilin,This should be an interesting development!“Strike off”...

Trilin,

This should be an interesting development!

“Strike off” refers to the removal of the company name from the company register, resulting in its dissolution. This method is used by ASIC when it believes that a company is not in operation, is not carrying on a business, has ceased to carry on a business or if it has overdue fees or penalties. company may be deregistered after it is closed down (e.g. voluntary deregistration), liquidated (by the members, court or creditors) or struck off the register of companies by ASIC (e.g. for outstanding annual review fees).Normally once a company is deregistered:it ceases to exist as a legal entity and can no longer do anything in its own rightproperty the company owned (other than trust property) vests in ASICproperty held by the company on trust vests in the Commonwealth (represented by ASIC)the former officeholders no longer have the right to deal with property registered in the company's nameany legal proceedings in which the company is a party cannot be continued (in so far as they relate to the deregistered company)you cannot start legal proceedings against the company.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.