If your company meets certain criteria, you can apply for voluntary deregistration. This closes your company and removes your obligations as a company officeholder. You must pay any outstanding fees before you can apply for deregistration Make sure you apply ...

Deregistering a company means that you do not have to continue your obligations as an officeholder. It's a good idea to consider deregistering a company if it's no longer trading. Voluntary deregistration Winding up a solvent company Winding up an ...

Once a company is closed following either voluntarily or liquidation, it may be deregistered. The effect of deregistration is that the company no longer exists, although it is possible to reinstate the company to deal with outstanding claims. Sometimes a ...

A company is insolvent if it is unable to pay its debts as and when they fall due for payment [section 95A of the Corporations Act 2001 (Cth)]. A director should be aware of a company's financial state at all times and ensure that ...

Dissolution of business The formal requirements for dissolving a business depend on its underlying structure. It is wise to get specialist advice on dealing with the finalisation of a complex business structure. Sole Trader An individual conducting business as a ...

The Corporations Act 2001 (Cth) requires that a company registered in Australia must have at least one director. Please visit the Law Handbook Company Directors section for more information about the appointment of directors, their duties and functions. The Australian Securities and Investments Commission ...

Directors have particular responsibilities in certain situations. Whilst the company and its business is trading the company must keep written financial records, so that a director can understand the company’s financial position at all times. Small proprietary companies are not ...

Breaches of the general duty to allow a company to sue the director for damages suffered. This general duty includes the following specific duties. Directors are under a duty to exercise discretion. This means they must use their independent, informed judgment in managing ...

The general duties of directors and company officeholders are set out in Chapter 2D of the Corporations Act 2001 (Cth). Section 180 sets out the general rule that a company officeholder must exercise their powers and discharge their duties with care and ...

Anyone involved in the affairs of a company may be considered a director even if they are not appointed. [Corporations Act 2001 (Cth) s 9 — definition of "director")]. It is usual for a prospective director to sign a consent form. To be ...