8,531 dormant companies to be struck off the register of companies – ORC

The office of the Registrar of Companies is about to embark on an exercise to strike out some 8,531 companies that have defaulted.

According to the ORC exercise, this exercise is expected to start and end in May 2024.

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The ORC stated that their decision to strike out these companies is to purge the register of all dormant companies and also remove companies that have failed to file their annual returns and update their entity records. This is by Section 126 of the Companies Act 2019 (Act 992).

The ORC highlighted in a statement it released that this new development to purge dormant companies and defaulters comes two years after the Office had conducted rigorous sensitization and multiple publications of these companies in the media and its website as required by the Companies Act.

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“Despite all efforts by the Office of the Registrar of Companies to encourage stakeholders to file returns, some companies have still not complied with this directive,” the ORC said.

“In light of the above, the Company Officials are kindly reminded that the Office will commence the implementation of a one-off administrative penalty of GH¢1,000 against any company in default effectively 1st May 2024 which will be strictly implemented by the Companies Act, 2019 (Act 992),” it added.

The ORC further reminded the general public that companies whose names have been struck off are not permitted to conduct business under the Company’s name for 12 years.

It added that a company struck off “can only be restored by the Registrar of Companies after a court finds sufficient cause and therefore issues an Order to the Registrar of Companies directing the restoration of the delisted names to the Register as per Section 289 (7) of the Companies Act 992.”

credit: Ghanaweb