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IPA Deregisters 4724 Default Companies

Four thousand seven hundred and twenty four (4724) companies have been deregistered by the Investment Promotion Authority’s Registrar of Companies for non compliance. And only 10 foreign companies out of 202 operating in PNG, complied, according to acting Registrar of Companies Harriet Kokiva.

This was after the IPA in November last year issued a notice of intention to remove 5000 defaulting companies in accordance with Sec 368(1) of Companies Act 1997. A list of deregistered companies will be published in the newspapers tomorrow (Tuesday).

Ms Kokiva announced last week Friday that from the first 5000 only 5.5 per cent have complied with filing their annual returns since 2000 while 4,724 companies were removed for not complying.

She said that is despite having to extend the deadline for companies to file their annual returns following a lot of appeals from companies with genuine reasons.

“We are pleased with the results of the exercise because there were no signs of activities since 2000 when we received that reaction we were happy that exercise created awareness and brought companies into complying with compiling their annual returns.

“We are also mindful of the companies that gave genuine reasons which we gave them the benefit of the doubt by removing them from the list and they are also included in the 5.5 per cent,” she said.

Ms Kokiva said the status of those companies will now be changed from registered to removed which means that they are no longer allowed to conduct anymore business or transact any business in any way or form.

She said pursuant to Section 3 of the Companies Act all the assets of these companies will be now vested on the registrar of companies and financial institutions will also be notified so that if they have any accounts in the banks, the registrar will request for those accounts to be closed and balances will be transferred to the trust account of the Registrar of Companies office.

It also applies to companies that if they have properties like land, house or buildings and if they are receiving rentals that has to be directed to the Registrar of Companies office.

“There were some companies that we may have listed on the notice of intention and were compliant we apologise to them and we have removed their names and we want to commend them for their compliance habits.

“The notice was only an intention, therefore it should not affect their credibility as a company and we are happy to assist them in any way should they face inconvenience.

We also thank you and congratulate the affected companies which are now fully compliant and we encourage them to make sure that they compile their annual returns every year,” she said.

Continue reading at https://postcourier.com.pg/ipa-deregisters-4724-default-companies/ | Post Courier

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