CAC moves to delist inactive companies

The Corporate Affairs Commission, CAC, has said that it would delist companies that have not filed their annual reports in ten years.

A statement by the Commission on Wednesday said the full list of the dormant companies was available on its website.

The statement partly read, “This is to inform the general public that the commission under its powers contained in Section 692 (3) (4) 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 10 years.”

According to the commission, the companies are given 90 days from the date of the statement to file all outstanding annual returns to remove their names from the list.

“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,” it said.