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Presentation to LARMA Local Authorities Revenue Management Association (Qld) Inc

Presentation to LARMA Local Authorities Revenue Management Association (Qld) Inc. Peter Witham – Property Law Group 10 October 2013. Key messages. What “deregistered company” means. company ceases to exist Property of deregistered companies. rights in property belong to ASIC

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Presentation to LARMA Local Authorities Revenue Management Association (Qld) Inc

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  1. Presentation to LARMA Local Authorities Revenue Management Association (Qld) Inc Peter Witham – Property Law Group 10 October 2013

  2. Key messages • What “deregistered company” means. • company ceases to exist • Property of deregistered companies. • rights in property belong to ASIC • still subject to mortgagee rights, but no obligation to pay mortgage or rates • Resolution. • reinstatement; or • transfer/sale of property to new owner

  3. ASIC – Brief Background Australian Securities & Investments Commission. • Established in 1991 to nationally unify previously state-based corporate regulation in Australia. • Australia’s corporate, markets and financial services regulator. • Have approx 1,800 staff around Australia. • Strategic priorities: • Confident and informed investors and financial consumers • Fair and efficient financial markets • Efficient registration and licensing

  4. Deregistered company • Company is removed from the register of companies. • Company ceases to exist as a legal entity. • Former officeholders (e.g. directors) cease to have authority to act on behalf of the company. • Legal proceedings – cannot be taken against it. • Property of the company – rights in the property now belong to ASIC or the Commonwealth (trust property).

  5. Searching for deregistration

  6. Property of deregistered companies • Property remains subject to securities and liabilities imposed on the property – like mortgages and rates. However, ASIC not required to pay rates unless it sells the property. ASIC does not regularly sell property. • Mortgagee retains rights, including possession of the property and power of sale.

  7. Resolution • Win/Win: • rates paid • property in the name of a person or registered company • Reinstatement: • Property returns to the company, which can be pursued like any other party for outstanding rates (e.g. legal proceedings) • Sale/transfer of property: • Rates paid; property transferred to a new owner (legal entity)

  8. Key messages • What “deregistered company” means. • company ceases to exist • Property of deregistered companies. • rights in property belong to ASIC • still subject to mortgagee rights, but no obligation to pay mortgage or rates • Resolution. • reinstatement; or • transfer/sale of property to new owner

  9. MoneySmart Website www.moneysmart.gov.au

  10. MoneySmart Website (cont)

  11. MoneySmart Website (cont)

  12. MoneySmart Website (cont)

  13. MoneySmart Website (cont)

  14. Discussion • Any questions? Peter Witham Property Law Group ASIC GPO Box 9827 Brisbane Qld 4001 Ph: 07 3867 4764 Email: peter.witham@asic.gov.au

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