7000 companies in danger of liquidation

Registrar of Companies, Ms Mariyam Visam announced that due to the amendments brought to the laws regarding companies, 7000 businesses are now in danger of liquidation. She explained that this amendment would result in the liquidation of all inactive companies for the past 22 years. She estimates that these companies have a total of 14,000 shareholders.

Ms Visam stated that a special law will be made to process the liquidation of the companies and that the laws will be developed in the coming week of December 2018. She also added that there will be regulations made to calculate any pending fines and to determine ways to pay them. She clarified that this will be done in such a way without violating anyone’s rights.

Ms Visam explained that if companies do not pay the yearly fees, they are fined. She added that the rules are now being amended in such a way that the government is unable to collect money for fines. She continued that before the companies are liquidated, they will be checked for any lawsuits against them.

Full details are available at the link below:

Source URL: Corporate Maldives

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