The Investment Promotion Authority will be undergoing a de-registration exercise for companies that have been non-compliant in filing their annual returns. An estimated 5,000 companies are reportedly on the list of being removed from the Companies Register and most, if not all, are those that have failed to file these compulsory returns up and including the year 2000.
Do you own a company that may be at risk of being de-registered? Here’s a quicker way to check the status of your filings.
Fortunately, the Companies Register can be searched online and in a few clicks you can know the status of your company and the filings, including annual returns, lodged with the Registrar of Companies.
If the company status says “Removed” and it shouldn’t be, this should be a cause for concern and you need to conduct further enquiries with the Registry.
If the last annual return lodged is 2000 or earlier, there is a possible risk that your company could possibly be on the list of de-registration.
Even if you have lodged returns up to 2000 but may have the following years outstanding, you should still attend to have these returns prepared and lodged immediately as it is a requirement under PNG Company’s law that annual returns must be lodged every year.
You can reinstate a company that has been deregistered either by making an application for reinstatement with the Registrar of Companies or through the courts. Reinstatement is usually necessary when the company still has assets and liabilities because if that appears to be the case and the company basically does not exist as a result of removal, the assets essentially vests in the Registrar of Companies.
If you have any concerns with your company and want professional help, please do email us at email@example.com and we will put you in touch with someone that can help you.