If a corporate trustee is deregistered by Asic although the…

Good Morning,

Once it is deregistered there is no trustee and they cannot trade and it is a criminal offence to hold out that they are allowed to trade even in Australia under the Corporations Act.

If a new trustee has been appointed then all accounts have to be changed and you have to provide them with evidence of the new trustee.

If there was a period between the appointment of the new trustee and the de-registration of the old, and the old trustee was trading then that period they have breached the law.

The cannot trade if they are not registered.

The IP and Licences have to be changed so that the New Trustee is the one that has the right to use them because the old one is no longer active.

I hope this is clearer.

Good Morning,

So it went from a company to yourself as the trustee?

Good Morning,

You have to provide them with the evidence of the changes in trustee and a copy of the new trust deed, this will solve the current issue as you are the legal trustee.

The only issue you have is the time from de-registration until you became the trustee anything that took place is illegal as the deregistered trustee did not have legal standing to do anything,

Good Morning,

In that case there is nothing illegal provided you made all the necessary changes to accounts and IP ownrship etc at the time you became the trustee then you are ok.

You have always traded legally.

It is a requirement that you notify everyone at the time the trustee is changed but you are ok.

You have not breached any law in Australia.

You are all good.