The Corporate Affairs Commission has announced plans to delist companies that have failed to file their annual reports for over a decade.The commission said it has identified a list of dormant companies that have neglected to submit their annual returns for 10 years.
“This is to inform the general public that the commission pursuant to its powers contained in Section 692 of the Companies and Allied Matters Act No. 3 of 2020, intends to strike off from the Register, names of defunct or dormant companies that have not filed Annual Returns for a period of 10 years,” the statement partly read.
CAC, however, gave the companies 90 days from the date of the statement to file all outstanding annual returns. It warned that the commission would strike them off the register if they failed to comply within the next 90 days. “It is to be noted that it is illegal to carry on business with the name of a company that has been delisted from the register as such company is deemed to be dissolved.”