When you choose to cease trading and have zero, or minimal, debt. “Where a company owes less than AU$1000 and doesn’t have any other liabilities or obligations, then you may deregister the company,” says Jeremy. “This option allows a company that you are no longer using to be deregistered so that you do not have to continue to pay renewal fees for that company. The company will cease to exist from the date that it is deregistered.”
If you have nothing to lose or repay. To meet requirements the company asset’s must be worth less than AU$1000, all members of the company have to agree to deregister, and the company must not conduct any business from that point on. In the US different states have different requirements for ‘voluntary dissolution’, as it’s called over there.
You can deregister online by yourself but it pays to consult a lawyer first. “If you do it incorrectly, and the company should never have been deregistered, it can be re-registered and pursued for money that it owes,” says Jeremy. If the company holds an Australian financial services licence (AFSL) or an Australian credit licence (ACL), these should be cancelled before deregistering.
Dishero. The co-founders of this online visual menu platform start-up pulled the plug within 36 hours of launching, even though they were not in debt. Why? Revenue was slowly rising, but it was not enough to give them hope for the future. They have since launched Bugsee, a bug-reporting software for mobile devices.