CAC To Delist Companies Dormant For 10 Years
The Corporate Affairs Commission (CAC) has announced that it will remove from its register companies that have not submitted their annual reports in the past decade.
In a statement released on Wednesday, the CAC revealed that the complete list of inactive companies can be found on its website.
“This is to notify the general public that, under the authority granted by Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, the Commission plans to strike off the Register the names of defunct or dormant companies that have failed to file Annual Returns for a period of 10 years,” the statement said in part.
The CAC has given these companies 90 days from the date of the statement to submit all overdue annual returns to avoid being removed from the list.
“It should be noted that conducting business under the name of a company that has been delisted from the register is illegal, as such a company is considered dissolved,” the statement added.
