The Office of the Registrar of Companies (ORC) has initiated legal proceedings to dissolve approximately 8,531 companies Limited by Shares due to their non-compliance with filing requirements by the end of May this year.
This action is taken to clean the Register of inactive companies and those failing to fulfill their obligations under Section 126 of the Companies Act 2019 (Act 992).
The Registrar of Companies at the ORC, Jemima Oware, made this known in an interview on Adom FM’s morning show, Dwaso Nsem Tuesday.
This decision, she noted follows two years of extensive awareness campaigns and numerous notifications through various media channels and the ORC website, as mandated by the Companies Act.
“Despite these efforts, some companies have failed to adhere to the directive to file their annual returns and update their records” she said.
To address this, the ORC announced the introduction of a one-time administrative penalty of GH¢1,000 for defaulting companies starting from May 1, 2024, in strict accordance with the Companies Act, 2019 (Act 992).
Additionally, the ORC reminded the public that companies struck off the register are prohibited from operating under their registered names for a period of 12 years.
However, Mrs Oware clarified that, reinstatement of a struck-off company can only occur through a court order compelling the Registrar of Companies to restore the delisted names to the Register, as outlined in Section 289 (7) of the Companies Act 992.
Play attached video for the full interview
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