In our earlier posts, we discussed what annual returns are in Nigeria, procedural guidelines involved in filing annual returns, and implications of not filing annual returns in Nigeria.
This post addresses what to do when a company is struck off CAC’s register. One reason responsible is the failure of such company to file annual returns as at when due.
Thus, with respect to this subject matter, it is important to ask important questions?
Do I have to incorporate another company if my company’s name is struck off?
What other options are available to me? Are there conditions to it?
When A Company Is Struck Off CAC’s Register
The Companies and Allied Matters Act makes detailed provisions in this regard.
Importantly, Section 692(2) of CAMA avails a remedy, prescribes the following steps:
Companies send application to the Federal High Court at any time. But, it has to be before the expiration of two years from the date of striking off.
If the application satisfies the Federal High Court, its purpose – which is to restore the company’s name – is complete with the court order to simply restore the company name to register.
Essentially, the power to restore lies with the Federal High Court (FHC).
The FHC would order the Corporate Affairs Commission to restore the name where the application receives favourable consideration.
Companies involved should submit their application within the required timeframe. This is with regards to relevant laws.
In conclusion, if your company’s name has been struck off CAC register, explore this possibility.
This is important because a company’s name struck off the CAC register means the business discontinues business operations. It is crucial to seek corporate advisory in this regard.
Have any questions? Book a call with us today!
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References
- Companies and Allied Matters Act, available at https://www.cac.gov.ng/wp-content/uploads/2020/12/CAMA-NOTE-BOOK-FULL-VERSION.pdf accessed on August 11 2023
- Unini Chioma, “CAC Publishes The Name of Companies To Be Struck Off Its Register” available at https://thenigerialawyer.com/full-list-corporate-affairs-commission-cac-publishes-the-names-of-companies-to-be-struck-off-its-the-register/ accessed on August 11 2023
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