A company can be reinstated from deregistration by an application to ASIC or by application to the court to order ASIC to reinstate the company. In order to apply to ASIC for the reinstatement of a company, a person:
- must have been a director of the company when the company was deregistered;
- cannot be banned or disqualified from being an officeholder; and
- must be able to prove that the company was carrying on a business when it was deregistered.
If the company was deregistered by voluntary deregistration a person must prove that the voluntary deregistration occurred as a result of an oversight made by the company.
ASIC may reinstate a company where:
- the deregistration was caused in full or part by a procedural error or oversight;
- all the members did not agree to the voluntary deregistration;
- there was a procedural error or oversight in the procedure that consequently led to ASIC initiating deregistration; or
- at the time of deregistration, the company
- had assets > $1,000
- had outstanding liabilities
- was carrying on a business
- had legal proceedings underway