47Cancellation—entity not carrying on a business under the business name

47 Cancellation—entity not carrying on a business under the business name

(1) ASIC may cancel the registration of a business name to an entity if: (a) ASIC is satisfied that: (i) the entity is not carrying on a business under the business name; and (ii) the entity has not, in the immediately preceding period of 3 months, carried on a business under the business name; and (b) the entity is not a government body; and (c) ASIC is not satisfied that there are exceptional circumstances justifying the failure to carry on a business under the business name during that 3 month period. (2) ASIC must, at least 28 days before cancelling the registration, give notice in writing to the entity: (a) informing the entity that ASIC intends to cancel the registration; and (b) inviting the entity to give ASIC evidence that: (i) it is carrying on, or has within the immediately preceding period of 3 months carried on, a business under the business name; or (ii) there are exceptional circumstances justifying the failure to carry on a business under the business name during that period.