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

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Presentation transcript:

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

Key messages 1.What “deregistered company” means. company ceases to exist 2.Property of deregistered companies. rights in property belong to ASIC still subject to mortgagee rights, but no obligation to pay mortgage or rates 3.Resolution. reinstatement; or transfer/sale of property to new owner 2

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).

Searching for deregistration 5

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)

Key messages 1.What “deregistered company” means. company ceases to exist 2.Property of deregistered companies. rights in property belong to ASIC still subject to mortgagee rights, but no obligation to pay mortgage or rates 3.Resolution. reinstatement; or transfer/sale of property to new owner 8

MoneySmart Website 9

MoneySmart Website (cont) 10

MoneySmart Website (cont) 11

MoneySmart Website (cont) 12

MoneySmart Website (cont) 13

Discussion Any questions? Peter Witham Property Law Group ASIC GPO Box 9827 Brisbane Qld 4001 Ph: