Beruflich Dokumente
Kultur Dokumente
Investments Commission
Home
>Forbusiness
>Closingyourcompany
>Effectsofderegistration
>Propertyofderegisteredcompanies
>Thereisstilltrustpropertyregisteredinthenameofaderegisteredcompany
Thereisstilltrustpropertyregisteredinthenameofaderegistered
company
OnderegistrationallpropertythecompanyheldontrustimmediatelybeforederegistrationvestsintheCommonwealth.ASICmayfor
andonbehalfoftheCommonwealthbutisnotobligedtoperformallthedutiesandexerciseallthepowersoftheCommonwealth
astrusteeinrelationtoanypropertyheldontrustbytheCommonwealth.
ReferencesintheremainderofthisinformationrelatetoASICactingonbehalfoftheCommonwealth.
WhatASICwillandwon'tdowithvestedtrustproperty
ASICmayapproveapplicationsforASICto:
transfertrustpropertytobeneficiarieswherethetrusthasbeenwoundup.
Formoreinformationontransferringtrustpropertytobeneficiaries,pleasecontactthePropertyLawGroupat
property.law@asic.gov.au
transfertrustpropertytoanewtrusteewhenthealternativeremediesoutlinedbelowarenotavailable.
ASICwillnotnormallyapproveapplicationsforASICto:
transfertrustpropertywhenthetrusteewasderegisteredwithinthelastfewyears
selltrustproperty(e.g.topaycreditors)
actonanongoingbasisastrusteeinlieuofthederegisteredcompany
applytoacourttohaveanewtrusteeappointed.
AlternativeremediesyoumusttrybeforeyouapplytoASIC
ASICgenerallyexercisesitsdiscretionarypowersundertheActtodealwithvestedpropertyasalastresort.Youneedtoensurethe
followingalternativeremediesarenotavailabletoyoubeforeyouapplytoASICforatransfer.Thecostofalternativeremediesbyitself
isnotasufficientbasisforASICtoexerciseitspowerstodealwithproperty.
1.Ifthepropertyisshares
Ifthepropertyissharesandyouhaveaholdingstatementclearlyshowingthesharesarepropertyofthetrust,ASICmayifit
considersappropriateinthecircumstancestodosoprovideyouwithaletterfortheshareregistry.
PleaseforwardALLthefollowingdocumentstoproperty.law@asic.gov.au:
1.arecentholdingstatement(nomorethan3monthsold)
2.aCommonwealthstatutorydeclarationfromaformerofficeholderofthecompanyatthedateofderegistration(Note:if
thecompanyunderwentaliquidation,thestatutorydeclarationmustbefromaformerliquidator):
a.statingthenameofthetrust
b.identifyingtheshares(includingthefullSRN)
http://asic.gov.au/for-business/closing-your-company/effects-of-deregistration/property-of-deregistered-companies/there-is-still-trust-property-registered-in-the-n 1/3
20/02/2017 There is still trust property registered in the name of a deregistered company | ASIC - Australian Securities and Investments Commission
c.confirmingthecompanyheldthesharesastrusteeofthetrust
d.statingwhothenewtrustee/softhetrustare
e.confirmingthereisnootherpropertyofanytyperegisteredinthecompany'sname.
AtemplateforaCommonwealthstatutorydeclarationcanbedownloadedfromtheAustralianAttorneyGeneral's
Departmentwebsite.
3.anindemnityexecutedbythenewtrustee/sANDprimarybeneficiariesthatareatleast18yearsofage.Thisindemnity
protectsASICagainstclaimsbroughtagainstASICduetoitdealingwiththeshares.Ifanyofthenewtrusteesor
primarybeneficiariesarecompanies,theindemnitymustbesignedbyeachofthedirectorsintheirpersonalcapacity
ANDbythecompanyeitherunderitssealoraccordingtos127oftheAct.Pleaseusetheindemnity'Transfertonew
trustee'.
PleasenotetheremaybecircumstanceswhereASICdoesnotconsideritappropriatetoprovidealetterfortheshareregistry.Inthose
cases,thenewtrusteemusteitherreinstatethecompanyor,whereASICreinstatementisnotavailable,formallyapplytoASICforan
executedtransfer,whichincludespaymentoftheapplicationfeeandsubmissionofacompleteapplication.
2.Ifthepropertyislandrequesttotitlesofficedirectly
ASICisawareofthefollowinglegislativeprovisionswhichenablepropertytobevestedinthenewtrustee:
QLDsection110AoftheLandTitleAct1994(Qld)
VICsection58oftheTransferofLandAct1958(Vic)
WAsection182oftheTransferofLandAct1893(WA)orsection10oftheTrusteesAct1962(WA)whichdeemsthe
appointortobetheconveyingpartyforthepurposeofregistration.
ASICwillnotnormallyconsideranapplicationtotransfertrustpropertyexceptwherethepropertyisoutsidetheseStates,asit
exercisespowerstodealwithpropertyasalastresort,wherenootherremedyisavailable.Inanyevent,theabovelegislative
provisionsprovideacheaperandmoreconvenientremedyfornewtrustees(thanmakinganapplicationtoASIC).
IfthepropertyisinWA,ASIChasnoobjectiontoyouusingsection10oftheTrusteesAct1962(WA)whichdeemstheappointortobe
theconveyingpartyforthepurposesofregistration.
IfthepropertyisinQld,VicorWA,thenASICrecommendsyouprovidetherelevantstatelandtitlesofficeacopyofthe'Deedof
appointmentofnewtrustee'andrequestitvestthepropertyinthenewtrusteeundertherelevantprovision(requirementsformaking
sucharequestareusuallyavailableintheirPracticeManual/LodgingBook).
ASIConbehalfoftheCommonwealthhasnoobjectiontoTitlesOfficeRegistrarsexercisinganyoftheirpowerstoregisterpropertyin
anotherparty'sname,withoutASIC'sexecutionofatransfer.IfrequiredbytheTitlesOffice,ASICcanprovideyouwithaletter
confirmingitsposition(pleaseemailyourrequestandacurrenttitlesearchofthepropertytoproperty.law@asic.gov.au).
Youmayalsoreferthetitlesofficetothiswebpage.
3.ReinstatementbyASIC
IfthecompanywasderegisteredwithinthelastthreeyearsthenhavingthecompanyreinstatedbyASICismoreappropriatethan
applyingtoASICforatransfer(especiallyifthevalueofthepropertyexceedsthecostofASICreinstatement).
BeforemakinganapplicationforASICtodealwiththeproperty,youshouldaskviaasic.gov.au/questionifreinstatementofthe
companybyASICisavailable.Ifitisthenitwillbemoreconvenientandperhapsmorecosteffectiveforyou.
MoreinformationaboutreinstatementofthecompanybyASICcanbefoundhere.
HowtoapplytoASICforatransfertonewtrustee
Ifthealternativeremediesoutlinedabovearenotavailabletoyou(i.e.thepropertyislandlocatedoutsideofQueensland,Victoriaor
WesternAustraliaandASICreinstatementisunavailable)thenyoumaywishtoapplytoASIC'sPropertyLawGroupforatransferof
thepropertytothenewtrustee/s.
UsethisChecklisttoprepare,andthensubmit,yourapplicationtoASIC:
DownloadPDFChecklistTransferofPropertytoNewTrusteeunders601AF(PDF228KB)
Youwillalsoneedtocompletethisindemnity:Transfertonewtrustee.
http://asic.gov.au/for-business/closing-your-company/effects-of-deregistration/property-of-deregistered-companies/there-is-still-trust-property-registered-in-the-n 2/3
20/02/2017 There is still trust property registered in the name of a deregistered company | ASIC - Australian Securities and Investments Commission
InstructionsforsubmittingyourapplicationarecontainedintheChecklist.
Howlongwillittaketoassessyourapplication
ASICusuallymakesadecisionwithin28daysofreceiptofallrequestedmaterials.Youneedtotakethistimeframeintoaccountandif
necessary,rescheduleanytransactions(e.g.settlementdates)toincludethis28dayperiod.Delaysoccurwhenincomplete
applicationsaresubmitted.
Pleaseallowatleast21daysbeforeenquiringabouttheprogressofyourapplication.
Urgentapplications
Incertainsituations,ASICmayconsiderapplicationsonanurgentbasis(i.e.withinaspecificandshorttimeframe).However,ASICwill
onlydosoinexceptionalcircumstancesbecausethiswouldgivetheurgentapplicationpriorityoverotherapplicationslodgedinamore
timelymanner.
Applicantsmustthereforeclearlydemonstratethattheurgencyresultsfromfactorsbeyondtheirreasonablecontrolthattheycouldnot
havereasonablyforeseen.Settlementofacontractofsaleisnotasufficientbasisforurgentconsideration.
Doyouneedlegalrepresentation
WhileASICreceivesmanysatisfactoryapplicationsfromapplicantsdirectly,youmaywishtoconsiderseekingindependentlegal
advice.ASICisonlyabletoprovideyouwithguidelinesonhowtomaketheapplication.
Moreabouttheeffectofderegistration
MoreaboutapplicationstoASICtodealwithderegisteredcompanyproperty
ThisisonlyageneralguideastoASIC'sapproachtothepropertyandrightsthatpasstoASICandtheCommonwealthon
deregistrationofacompany.Thisdocumentdoesnotrepresentlegaladviceandshouldnotbeinterpretedassuch.Each
applicationorinquirywillbeconsideredonitsfactsanddecidedonitsindividualmerits,basedonalltheinformationavailableto
ASICatthetime.Weencourageyoutoseekyourownprofessionaladvicetofindouthowthelawapplyingtoderegistered
companiesaffectsyourindividualcircumstances.
http://asic.gov.au/for-business/closing-your-company/effects-of-deregistration/property-of-deregistered-companies/there-is-still-trust-property-registered-in-the-n 3/3