When a company is no longer required, it can be wound up. This procedure may be used only if a company is solvent.
The procedure is lengthy and complex with the requirement to hold general meetings, place four advertisements, provide advice to ASIC and the Australian Taxation Office, etc.
If a company has no assets other than cash – or if its assets can be distributed in specie – the company’s dissolution can occur within 5 months. Most of this time is needed to observe statutory delays following the placement of advertisements and the lodging of forms with the ASIC.
Castle can assist with this – just give us a call on 03 9898 6666. All you will need to do is sign the paperwork we prepare for you and arrange for one members’ meeting and one directors’ meeting. As a generality, these meetings are not actually held, but are simply recorded as having been held.