Australia Law
Have Australian law questions? Ask a lawyer now.
Connect one-on-one with {0} who will answer your question
Answered in 2 hours by:
1/9/2012
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5,422
Experience: Dip Law LPAB - Sydney based lawyer
VerifiedPrior to deregistering the company, you can liquidate the assets and distribute the capital in much the same way as you do anything with the company.
You should simply make a record of your decision then proceed to sell the assets and distribute any remaining capital to the shareholders. Such should be done with the assistance of an accountant so as to ensure that all outstanding debts (including any capital gains tax liabilities arising from such asset sales) before shareholders receive any final distribution otherwise you may technically put yourself in a position of insolvent trading and may be personally liable to any debtors who have not been paid out of the assets.
Once that is done you can de-register the company provided the pre-requisites are met as described at the ASIC website:
http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Closing%20down%20your%20company
I trust the above assists your understanding.
Good luck and please click accept.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5,422
Experience: Dip Law LPAB - Sydney based lawyer
VerifiedPatrick H. and 87 other Australia Law Specialists are ready to help you
How JustAnswer works
Describe your issueThe assistant will guide you
Chat 1:1 with a solicitorLicensed Experts are available 24/7
100% satisfaction guaranteeGet all the answers you need
Related Australia Law Questions
I have just received a letter from ASIC saying that they
I have just received a letter from ASIC saying that they intend to deregister Meissa Pty Ltd, ACN 131 926 791 due to unpaid review fees. I wish to advise that we have not received any invoices or remi… read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
I had to do a title search on a property situated at*****
Dear Ellen,I had to do a title search on a property situated at***** Enfield. 5085 It came up with a the registered Proprietor being : GREENGLEN HOLDINGS PTY LTD (ACN 087 139 473) Then I did a search … read more
John Melis
Lawyer
Bachelor's Degree
35,824 satisfied customers
I have just started selling hemp cbd sourced in the usa and
I have just started selling hemp cbd sourced in the usa and sold in the usa wich is federally legal there. i am remotely selling from Australia. I want to set up a ptyt ltd and run under this business… read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
I'm starting an online business selling items to start with
I'm starting an online business selling items to start with through Amazon. I was advised by an instructor through a Udemy course to register an LLC in Texas, because he was saying that their can sometimes be potential issues with customers and I would need it for asset protection. However I was also thinking we why not register an Australian Pty Ltd, or even cheaper yet to start out could I just take out insurance? … read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
I want to purchase an old deregistered company name. It
I want to purchase an old deregistered company name. It appears it has not been in use for some time. … read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
If a Pty Ltd company I did business for stops trading and
If a Pty Ltd company I did business for stops trading and deregisters, I assume there is no way I can recover money for unpaid invoices?… read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
I have a previous client whom I poured a concrete driveway
I have a previous client whom I poured a concrete driveway for in late 2015 ( October). Since then, my company registration lapsed early December2015 and was not aware as we had moved twice in one yea… read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
Hi Robin, My friend has run a company (a side online business)
Hi Robin, My friend has run a company (a side online business) for quite a while now, and she is also working full-time. Now she wants to change the legal structure from "company" to "Sole trader". co… read more
James D. Ford
Solicitor
1,600 satisfied customers
Our company title holding company ABC Pty Ltd. Has been deregistered
Our company title holding company ABC Pty Ltd. Has been deregistered as the assts are now held by individual Unitholders following strata titling in Feb this year. Do we have to submit audited return … read more
James D. Ford
Solicitor
1,600 satisfied customers
Subject: can my wife be liable for my debts incurred as the
Subject: can my wife be liable for my debts incurred as the director of a company Hi, I am thinking about launching a startup as part-time Pty Ltd company. It would be a digital publishing company, se… read more
James D. Ford
Solicitor
1,600 satisfied customers
Good morning Leon, Our Pty Ltd company was deregistered by
Good morning Leon, Our Pty Ltd company was deregistered by our accountant in April 2013 as we sold our business. The purchaser was to pay us $17,000 in Dec 2013 but he won't pay because he says the co… read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
Hi I am after advice regarding an outstanding business
Hi I am after advice regarding an outstanding business line of credit balance owed by my private company (GM Pty Ltd) to a bank. The business line of credit facility was opened in 2009 in the name of … read more
Patrick H.
Lawyer
5,422 satisfied customers
Dear Sir or Madam, I am a owner of pty ltd in Australia. I
Dear Sir or Madam, I am a owner of pty ltd in Australia. I have the 100% share of the company. Now including me, we have two directors. May I ask how can I delete/remove the other director from the co… read more
Brisbane-Lawyer
Lawyer & Solicitor
Master
14,357 satisfied customers
Can you register a Pty Ltd with a name which has been used
Can you register a Pty Ltd with a name which has been used previously but the prior entity has deregistered?… read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
Hi, I have a question for an expert regarding the corporations
Hi, I have a question for an expert regarding the corporations act. I am a director and majority shareholder (85%) in a pty ltd company. There is another director who holds 15% shareholding. There are… read more
Leon
Solicitor
Master's Degree
33,544 satisfied customers
The company i work for is a small Pty Ltd Australian company
The company i work for is a small Pty Ltd Australian company of 7 employees with a turnover of less than $2million . It has a NZ Holding company . The reason for this is historical but that reason no … read more
Brisbane-Lawyer
Lawyer & Solicitor
Master
14,357 satisfied customers
we have a family company which is control by one person. How
we have a family company which is control by one person. How is this company best managed so that everyone has a equal share in the decision making process?… read more
Brisbane-Lawyer
Lawyer & Solicitor
Master
14,357 satisfied customers
How to remove a director legally in an australian Pty ltd company
How to remove a director legally in an australian Pty ltd company where a director is a 42% shareholder in the company.… read more
Maurice
Lawyer
Master's Degree
1,980 satisfied customers
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.
JustAnswer in the News:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
What Customers are Saying:
Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!
Edmond, OK
My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.
Redwood City, CA
I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.
Wichita, KS
PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.
Houston, TX
Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!
Atlanta, GA
It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.
Apopka, FL
Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.
Freshfield, Liverpool, UK
< Previous | Next >
Meet the Experts:
Sean
Experienced lawyer
855 satisfied customers
Law degree with 1st class honours from Australian National University.
Darren Kruse
Solicitor
16 satisfied customers
Practising in in Personal Injury, Workcover, Civil Disputes, Family, Wills and Estates and Criminal law.
John Melis
Lawyer
35,824 satisfied customers
Family Law, Commercial Law, Property law, Probate & Wills, Employment Law, International Law, Criminal and Traffic Law, Litigation Tribunal & Courts
Leon
Solicitor
33,544 satisfied customers
BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Daniel
Solicitor
7,683 satisfied customers
Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
Patrick H.
Lawyer
5,422 satisfied customers
Dip Law LPAB - Sydney based lawyer
James D. Ford
Solicitor
1,600 satisfied customers
Lawyer | Founder & CEO at Blue Ocean Law Group
< Previous | Next >
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.
