Just as a point of clarification, disincorporation would mean that "LUV, Inc." would not exist, i.e., a separate legal entity.
Does not existing mean that luv has to surrender the luv.asn.au domain name and move to a subdomain under the parent body? Google comes up with http://www.auda.org.au/policies/auda-2012-04/ ELIGIBILITY AND ALLOCATION RULES FOR ASN.AU The asn.au 2LD is for non-commercial organisations. The following rules are to be read in conjunction with the Eligibility and Allocation Rules for All Open 2LDs, contained in Schedule A of this document. 1. To be eligible for a domain name in the asn.au 2LD, registrants must be non-commercial organisations as follows: a) an association incorporated in any Australian State or Territory; or b) a political party registered with the Australian Electoral Commission; or c) a trade union or other organisation registered under the Fair Work (Registered Organisations) Act 2009; or d) a sporting or special interest club operating in Australia; or e) a charity operating in Australia, as defined in the registrant's constitution or other documents of incorporation; or f) a non-profit organisation operating in Australia, as defined in the registrant's constitution or other documents of incorporation. James