Deregistered companies and our obligations

If your company is in strike-off

Strike-off is a warning stage before deregistration. ASIC has issued a notice of intent to deregister your company and the status is "strike-off in progress". This period typically lasts two months from the time ASIC publishes the notice. Your company is still registered during this time and can continue operating while you decide your next steps.

A company may become deregistered voluntarily through an application to ASIC – for example, if it has less than $1,000 in assets and no outstanding debts. In some cases, ASIC may decide to deregister a company even if the company has not applied for it, such as failing to pay annual review fees.

What this means for your accounts

• Your accounts continue to operate as usual while your company is in strike-off.
• You should act early – if no action is taken before the notice period ends, your company will be deregistered and account restrictions will apply.
• You may receive communications from NAB before deregistration to notify you of upcoming changes.

Your options during strike-off

• Re-register before deregistration: contact ASIC to complete the required steps to keep your company registered before the notice period expires.
• Finalise your banking early: if you do not plan to continue the company, close or tidy up accounts before deregistration is finalised.

When a company becomes deregistered, it can no longer take actions or act as a trustee, and officeholders are unable to act for the company.

Actions we must take

We must comply with ASIC requirements when dealing with deregistered companies. This may include:

• Placing blocks on or closing accounts held in the company’s name.
• Taking actions to collect any outstanding debts before company accounts can be closed.
• Transferring company funds (excluding debts) to ASIC if there are funds in the company’s name.
• Contacting you again when deregistration is confirmed and allowing up to 60 days for you to re-register your company.

We understand this can be disruptive. If you believe your company status is incorrect, contact us promptly and confirm your status with ASIC. If your company is reinstated, we can assess what steps are needed to restore account access.

How to claim company funds

Once a company is deregistered, transactions from company accounts are generally not permitted. Funds that belong to the company may need to be remitted to ASIC after required checks and account closure steps are completed.

Claiming funds sent to ASIC

Any funds sent to ASIC on behalf of a deregistered company can be found through a search on ASIC's MoneySmart website. These funds can be claimed by the owner by following the instructions on MoneySmart.

NAB cannot claim these funds on your behalf once they have been remitted to ASIC.

Claiming funds that don’t belong to the company

Any funds in company accounts that did not belong to the deregistered company are not transferred to ASIC. This could include, for example, personal funds that were paid into the company's account after deregistration.

If you need to claim funds that don’t belong to the deregistered company, we can support you in this funds claim. Please email us promptly and provide supporting documentation of personal funds.

What to do if your company is reinstated and re-registered

A company can be reinstated and re-registered with ASIC. Check the ASIC portal to ensure the status of your company appears as "registered" before contacting us.

Once your company is re-registered:

• Let us know by emailing deregcompanies@nab.com.au and include your reference number (DRCR-*****) in the email subject line. 
• We'll need to verify the details we hold about your company. This process can take up to seven business days to complete.
• We may need to request additional information from you that helps us keep your accounts safe and ensure we meet our legal obligations. Learn more about why NAB undertakes Customer Due Diligence.
• When the verification is complete, we'll be able to restore access to any company accounts that remain open.
• If company funds were transferred to ASIC before your company re-registered, you will need to contact ASIC to claim those funds.

Appointment of a new trustee 

If the deregistered company held its assets in trust (for example, a trustee company for a self-managed superannuation fund), you may be able to arrange for the appointment of a new trustee.

You should seek professional advice on this and contact us as soon as possible if a new trustee is appointed. You’ll be required to open a new account in the new trustee name and inform us when done so we can transfer funds to the new account.