1,000 firms face closure

MORE than 1000 companies may be de-registered by the Patents and Companies Registration Agency (PACRA) if they fail to comply with the law on submission of annual returns in the next three months.
At the end of the second quarter PACRA earmarked 1,045 for deregistration due to non-compliance with annual returns filing with the office of the registrar at the agency.
According to a statement posted on the PACRA website, the involved firms would be de-registered if they failed to comply with the law at the end of the three-month ultimatum.
It is a statutory requirement for every registered business to submit annual returns which are important because they state the position of the company as at the date of the return.
According to Section 184 and Section 189A of the Companies Act CAP 388 of the laws of Zambia if a company fails to file annual returns, the company and each officer in default commit an offence resulting in the firm to be struck-off the register and its officers prosecuted.
“The Patents and Companies Registration Agency (PACRA) has at the end of the second quarter earmarked 1,045 businesses for de-registration.
“The businesses are to be de-registered due to non compliance with annual returns filing with the Office of the Registrar.
“The above listed companies will be de-registered within the next three months unless they update their annual returns within this period,” says the statement.
It stated that the listed companies would be de-registered within the next three months unless they update their annual returns within the period.

Times of Zambia