Cyprus: More than 90,000 companies were struck off by the registrar

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Following their failure to file their annual accounts and reports, the company registrar struck off approximately 94,000 companies from a total of 25,0000.
The company registrar in Cyprus struck off approximately 94,000 companies was announced earlier this week. In the case when a company is struck off, creditors cannot claim their dues.

DISY right wing party Maria Kyriacou, who had formerly been a company registrar herself, noted that the companies were obliged by the law to submit such information but they didn’t. She also stated that around 65,000 objections have been filed so far, mostly by the banks, the tax department and companies.

The company registrar warned that he will start removing dormant companies from the registry, including the ones which failed to pay the annual €350 fee.

Mrs Kyriacou commented on the delay on behalf of the department to perform its duties faster, mentioning that an upgrade to the equipment is required, and it will take up to six years for digitisation of the company information.