The Companies and Intellectual Property Commission (the ''Commission'') recently issued a public notice stating that all companies and close corporations which have continued to fail to submit their annual returns on an annual basis will be deregistered on the 29th of July 2016.
The Companies Act requires every company to file an annual return in the prescribed form within 30 (thirty) days after the end of the anniversary of the date of its incorporation. In terms of the Companies Act the Commission has the power to deregister a company that continue to fail to file its annual return on demand.
When the Commission deregisters a company, it is removed from the Commissions companies register. The implication being that a company or close corporation is deprived of its legal existence upon deregistration and can no longer trade or enter into business transactions. A further implication being that the assets (if any) of the company or close corporation automatically passes to the state as bona vacantia (i.e. goods / property that has no apparent owner).
To determine whether your company is in deregistration and the outstanding annual returns to be submitted, please contact our offices to discuss.