Annual returns and CIPC during lockdown
26 March 2020
In light of COVID-19 pandemic and the declaration of a national state of disaster the Commission extends the submission of annual returns due between 24 March to 15 April 2020. This includes the following:
- submission of the compliance checklist
- the preparation of the annual financial statements
- no penalties will be incurred during this time
- no deregistration of companies and close corporations currently in deregistration process due to non-submission of annual returns
- Name reservations that fall within the 25 March to 15 April period to be extended to 30 April
- General extension for business rescue which commenced but did not complete as required by section 129 of the Companies Act
The Commission has also decided that they will not invoke their powers under section 22 of the Companies Act where a company is temporarily insolvent and the Commission believes the insolvency is due to business conditions which were caused by the COVID-19 pandemic. The notice shall lapse 60 days after national disaster has been lifted.
For assistance on the above or any queries, please contact Larey van der Westhuizen.