Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 601AH

Reinstatement by ASIC

  (1)   ASIC may reinstate the registration of a company if ASIC is satisfied that the company should not have been deregistered.

  (1A)   ASIC may reinstate the registration of a company deregistered under subsection   601AB(1B) if:

  (a)   ASIC receives an application in relation to the reinstatement of the company's registration; and

  (b)   the levy imposed on the company by the ASIC Supervisory Cost Recovery Levy Act 2017 is paid in full; and

  (c)   the amount of any late payment penalty payable in relation to the levy is paid in full; and

  (d)   the amount of any shortfall penalty payable in relation to the levy is paid in full.

  (1B)   ASIC may reinstate the registration of a company deregistered under subsection   601AB(1C) if:

  (a)   ASIC receives an application in relation to the reinstatement of the company's registration; and

  (b)   the instalments of levy (within the meaning of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 ) imposed on the company are paid in full; and

  (c)   the amount of any late payment penalty payable in relation to the instalments of levy is paid in full; and

  (d)   the amount of any shortfall penalty payable in relation to the instalments of levy is paid in full.

Reinstatement by Court

  (2)   The Court may make an order that ASIC reinstate the registration of a company if:

  (a)   an application for reinstatement is made to the Court by:

  (i)   a person aggrieved by the deregistration; or

  (ii)   a former liquidator of the company; and

  (b)   the Court is satisfied that it is just that the company's registration be reinstated.

  (3)   If:

  (a)   ASIC reinstates the registration of a company under subsection   (1) or (1A); or

  (b)   the Court makes an order under subsection   (2);

the Court may:

  (c)   validate anything done during the period:

  (i)   beginning when the company was deregistered; and

  (ii)   ending when the company's registration was reinstated; and

  (d)   make any other order it considers appropriate.

Note:   For example, the Court may direct ASIC to transfer to another person property vested in ASIC under subsection   601AD(2).

ASIC to give notice of reinstatement

  (4)   ASIC must give notice of a reinstatement in the Gazette .

  (4A)   If an application was made to ASIC for the reinstatement of a company's registration, ASIC must give notice of the reinstatement to the applicant.

Effect of reinstatement

  (5)   If a company is reinstated, the company is taken to have continued in existence as if it had not been deregistered. A person who was a director of the company immediately before deregistration becomes a director again as from the time when ASIC or the Court reinstates the company. Any property of the company that is still vested in the Commonwealth or ASIC revests in the company. If the company held particular property subject to a security or other interest or claim, the company takes the property subject to that interest or claim.

  (6)   Subsection   601AH(5) does not affect the cancellation of an Australian financial services licence held by the company if the cancellation occurs because the company was deregistered.

Note:   This Part does not apply to a CCIV or a sub - fund of a CCIV: see Subdivision B of Division   9 of Part   8B.6.