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Business8,531 defaulting companies to be deregistered by May

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8,531 defaulting companies to be deregistered by May

The Office of the Registrar of Companies (ORC) has initiated legal proceedings to deregister 8,531 companies Limited by Shares for defaulting by the end of May this year.

The ORC stated that this decision is essential to cleanse the Register of inactive companies and those in default for failing to submit their annual returns and update their entity records in accordance with Section 126 of the Companies Act 2019 (Act 992).

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According to a statement released by the ORC and reported by GhanaWeb Business, this action comes two years after the Office undertook extensive awareness campaigns and published information about these companies in the media and on its website, as mandated by the Companies Act.

Despite persistent efforts to encourage stakeholders to comply with filing requirements, some companies have not adhered to the directive, the ORC explained.

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In response to this, the ORC emphasized that starting from May 1, 2024, it will implement a one-off administrative penalty of GH¢1,000 against any defaulting company. This penalty will be strictly enforced in accordance with the Companies Act, 2019 (Act 992).

The ORC also reminded company officials that businesses whose names are struck off are prohibited from operating under the company’s name for 12 years.

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Restoration can only occur through a court order issued by the Registrar of Companies, following a finding of sufficient cause, in line with Section 289 (7) of the Companies Act 992.

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