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Over 500,000 Businesses To Be Removed From Business Register By June 30

Over 500,000 Businesses To Be Removed From Business Register By June 30
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The Office of the Registrar of Companies (ORC) has announced that effective June 30, 2024, over 500 public and private business names and companies will be struck off the register due to their failure to file annual returns and maintain good standing.

Despite being served notices and reminders through various sensitisation programs and multiple publications over the past two years, these entities have not complied with the required filings.

Initially, the ORC had set the deadline for the end of 2023 but extended the period to allow for intensive publications and give defaulting businesses ample time to comply with the directive.

According to Section 2895 of the Companies Act 2019 (ACT 992), once a company is struck off the ORC’s register, it is prohibited from conducting business under its company name for twelve years. During this period, the business loses the right to the name, which falls into the public domain as a result of the default.

To regain registration, an affected company must obtain a court order that finds sufficient cause and directs the ORC to restore the business name to the register.

The ORC is reminding businesses and companies to file their annual returns and renewals as mandated, to avoid being struck off the register and facing subsequent operational restrictions.

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