Compliance obligations of companies and close corporations in business rescue

The Companies and Intellectual Property Commission (“CIPC”) hereby remind companies and close corporations and specifically business rescue practitioners, which finds itself in business rescue or considering to commence business rescue proceedings, that Chapter 6 of the Companies Act, 2008 (“the Act”) does not suspend the company or close corporation’s compliance obligation in terms of the Act or Close Corporations Act, 1984.

Compliance obligations of companies and close corporations in business rescue

Filing of co-operative annual submission of information to the registrar (annual returns) and compliance requirements of annual financial statements (AFS) using XBRL

Companies and Intellectual Property Commission’s (CIPC) function, amongst others as a regulatory body is to ensure compliance with the provisions of relevant Acts.

 Filing of co-operative annual submission of information to the registrar (annual returns) and compliance requirements of annual financial statements (AFS) using XBRL

Status on file transition to the new bulk storage facility

The notice (Notice 38 of 2021) issued by CIPC in respect of file transition has reference. The project of moving approximately 7.2 million Companies, Close Corporations, Patents, Trade Marks, Copyright, Cooperatives and Designs files to the new storage facility started on 26 July 2021 and is ongoing. During the 1st month of the envisaged 4 months file transition period, approximately 25% of such files were moved to the new storage facility.

Status on file transition to the new bulk storage facility