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Members’ Voluntary Liquidation v Deregistration

Company Deregistration is simpler, quicker and cheaper than a members’ voluntary liquidation. So why not always choose company deregistration?

An application for deregistration can only be made when all of the following conditions are met:

  • all the members of the company agree to the deregistration; and
  • the company is not carrying on business; and
  • the company’s assets are worth less than $1000; and
  • the company has paid all fees and penalties payable under the Corporations Act; and
  • the company has no outstanding liabilities; and
  • the company is not a party to any legal proceedings.

Also try answering the following questions:

  • Do you want a high level of assurance that a company cannot be reinstated?
  • Did the company operate in a high-risk industry, for example, where public liability claims sometimes arise?
  • Will any franking credits or tax free dividends be lost by the deregistration of the company?
  • Are there any outstanding issues the company is still dealing with?

If you said “Yes!” to any of the above questions, then we recommend a members’ voluntary liquidation rather than a company deregistration. Why not CALL US NOW for CONFIDENTIAL FREE ADVICE specific to your situation.

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