Job losses loom as 87 companies set to shut down
Massive job losses are looming after 24 companies issued notices of dissolution, signalling their subsequent shut down.
Massive job losses are looming after 24 companies issued notices of dissolution, signalling their subsequent shut down.
“Under Section 897(4) of the Companies Act, it is notified for the information of the general public that the following companies are dissolved and their names have been struck off the Register of Companies with effect from the date of publication of this notice,” the notice read.
Further, 63 companies issued notices of intended dissolution, with the firms set to close shop over the next three months.
“Under Section 897(3) of the Companies Act, the Registrar of Companies gives notice that the names of the companies specified hereunder shall be struck off from the Register of Companies at the expiry of three months from the date of publication of this notice, and invites any person to show cause why the companies should not be struck off from the Register of Companies,” the notice stated.
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In light of the new notices, the latest could trigger job losses across the various areas in which the companies are specialised.
In Kenya, the Registrar of Companies can order the dissolution of a company, commonly referred to as a “strike-off”, primarily when there is non-compliance with statutory filing requirements, or when the Registrar reasonably believes the company is no longer carrying on business or is not in operation.
Failure to file annual returns and financial statements is one of the most common reasons companies are dissolved.
Companies are legally required to file annual returns and financial statements with the Registrar each year. If a company repeatedly fails to submit these documents, the Registrar may assume it is no longer active and initiate the strike-off process.
Additionally, failure to respond to official communications can lead to a company’s dissolution. If the Registrar sends letters to a company’s registered office and receives no response, or if the letters are returned undelivered, it may indicate that the company is no longer operating from its registered address.
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