The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) said issued a clarification on the liquidation of a number of companies, which were published in the Official Gazette by the Ministry of Justice and Legal Affairs.
The ministry said that the increase in the number of companies liquidation was as a result of facilities provided by the ministry for a period of six months to companies who wish to merge their multiple commercial activities and for a period of one year for companies that wanted to liquidate their businesses entirely from the commercial register from 15/6/2021.
This ministry has been trying to address the issue of multiple commercial records that has negative repercussions on the economy, and also help commercial establishments with different activities to liquidate expired and inactive companies.
The ministry said that publishing the announcement of the liquidation of companies in the Official Gazette is a binding legal procedure to end transactions and preserve the rights of others, and is considered a natural procedure to keep pace with global economic changes and technological developments that require the restructuring and development of institutions in line with the requirements of current developments.
The statistics at MOCIIP indicate an increase in the number of new commercial registrations (10,934) between January 1 and July 30, 2021, compared to 7910 commercial registrations during the same period in 2020.
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