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An incorporated association may choose to deregister or wind up for many reasons, such as:
- lack of members
- loss of interest
- fulfillment of its purposes.
Deregistering or winding up helps you to distribute your association’s assets lawfully. Unless we deregister its incorporation, an association remains legally in existence even after it stops operating.
The association can voluntarily deregister if it has surplus assets of less than $5000.
The association must undertake a formal winding up if it has surplus assets of $5000 and above.
Surplus assets are the assets that remain after all the association's liabilities have been paid - including estimated costs of deregistration or winding up.
