NSW Company Deregistered - Does Debt Still Exist?

[Keziah]

If a company loaned monies and then the borrower becomes bankrupt, and then soon after the company is deregistered, does this mean the debt doesn't exist anymore? Does that mean that they are not a creditor anymore?

 

[Sophea]

Generally any debts owing to a company should be dealt with and recovered during winding up prior to de-registration. Any legal proceedings involving the company cannot continue after de-registration, as the company no longer exists. Therefore, it cannot recover the debt.

 

[Rod]

ASIC can stop the de-registration until assets and liabilities are finalised.

What did you want to happen (are you trying to get money, or avoid paying it)?

 

[Keziah]

ASIC can stop the de-registration until assets and liabilities are finalised.

What did you want to happen (are you trying to get money, or avoid paying it)?

No, this point is being unaddressed by a trustee, who actually admitted that the debt would not exist anymore in that case. I am the bankrupt.

 

[Rod]

It is hard without all the details, but on the little information we have it looks like you're OK.