Deregistered companies
If your company is deregistered, there are some important steps we're legally obligated to take as a bank.
Here is a simple guide to what company deregistration means for your Bendigo Bank accounts, and what you need to do next.
About deregistered companies
Every company in Australia needs to be registered with the Australian Securities and Investments Commission (ASIC). It's important to keep your registration details up to date with them, and also to let us know if the registration status changes.
When a company is deregistered with ASIC, it no longer exists as a legal entity.
This means:
- the company can't take action or act as a trustee
- former officeholders can't act on the company's behalf, and
- any property or money the company owns goes to ASIC or the Commonwealth.
You can find out more about deregistration on the ASIC website.
What happens to a deregistered company's bank accounts?
Because a deregistered company no longer legally exists, the law requires us to stop any activity on its accounts. We will always send a letter to the company’s directors to notify them when this happens.
When we find out your company has been deregistered, we'll:
- freeze the accounts so no money can be deposited or withdrawn, before closing the account.
- transfer any remaining money directly to ASIC's Unclaimed Monies Unit.
Keep in mind that once an account is frozen, any direct debits or scheduled payments will fail. It's a good idea to contact your service providers so you don't miss any important bills.
Accounts with a zero balance
If your account has a zero balance, the process is even simpler. Because there are no funds to transfer to ASIC, we'll just close the account. You don't need to take any action if you don't plan to reinstate the company.
Accounts with remaining funds
If there is any money left in your accounts, we are legally required to send the remaining balance directly to ASIC's Unclaimed Monies Unit. There is no minimum threshold for this.
Any funds that have been 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 the Moneysmart website.
Claiming funds that don’t belong to the company
Any funds in the company accounts that don’t belong to the deregistered company are not transferred to ASIC. This could include, for example, personal funds that were paid into the deregistered company’s account following deregistration.
If you need to claim funds that don’t belong to the deregistered company, please complete the claim form as soon as possible and provide supporting documentation.
Claim forms can be submitted via email to: CustomerFeedbackTeam.Mailbox@bendigoadelaide.com.au.
How to reinstate a deregistered company
Sometimes the deregistration of a company can happen by accident. If you think your company was deregistered by mistake, or if you're already talking to ASIC to get it reinstated, please let us know as soon as you can.
We’ll need confirmation from ASIC that the company is reinstated before we can remove the freeze on your accounts.
Starting a new company?
If you decide to register a new company with a new Australian Company Number (ACN), you’ll need to open a new bank account. Under Australian corporate law, a new ACN creates a separate legal entity, which means we can't simply update the ACN on your existing account.
Financial difficulty and business debt
If you're experiencing financial difficulty and/or are responsible for the debts of a deregistered company, please get in touch with us as soon as you can.
We understand these sort of situations can be stressful. We have a dedicated team ready to support you and help you find a way forward.
To find out more about the support available, please visit our Financial difficulty assistance page or call us on 1800 652 146 to speak with a team member.
