Hi Susan
You are correct in stating that a company ceases to exist when it has been deregistered. The Corporations Act actually says it ceases to exist – and the assets vest in ASIC. Don’t get excited about that last bit though. ASIC don’t pay creditors.
John is 100% correct.
However, re-instating a company can be an expensive process as it takes a Supreme Court application. Though the costs would probably end up on the property you would want to be comfortable that they can be paid in the end.
Sale of Land for Rates is another option. Make sure you notify ASIC when you are sending out your notices etc.
