The Office of the Registrar of Companies (ORC) has commenced legal processes to strike off some 8,531 companies Limited by Shares who are in default by the end of May this year.
The decision, according to the ORC has become necessary to purge the Register of dormant companies and companies in default for failure to file their annual returns and update their entities records in accordance with Section 126 of the Companies Act 2019 (Act 992).
In a statement issued by the ORC and sighted by GhanaWeb Business, it explained that the decision comes some 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.
“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 oneoff administrative penalty of GH¢1,000 against any company in default effectively 1st May 2024 which will be strictly implemented in accordance with 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.