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  • Annual returns and CIPC during lockdown
COVID19:

Annual returns and CIPC during lockdown

26 March 2020

Larey van der Westhuizen , Head of Legal Services
MD: Statucor
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Annual Returns

 
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

 Insolvency:

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.