Article 131 - Deregistration of Companies and Branches
(1) If the
CRO has reason to believe that:
Company or Branch is not carrying on Business or is not in operation;
Company or Branch is acting in contravention of these Regulations;
(C) it is prejudicial to the interests of the
QFC for a Company or Branch to remain on the register; or
Company or Branch has failed for a period of 3 months to pay the financial penalties imposed by the CRO pursuant to these Regulations
it may give notice to the
Company or Branch that at the conclusion of 3 months from the date of the notice, the Company or Branch shall be struck off the register unless reason is shown to the contrary.
(2) If, by the end of the 3 month period, the
(A) has received confirmation that the
Company or Branch is no longer carrying on Business or is not in operation; or
(B) has not received from the
Company or Branch sufficient reasons as to why the Company or Branch should not be struck off the register;
CRO may strike the name of the Company or Branch off the register and the Company or Branch shall be dissolved.
(3) Where a
Company or Branch is struck off the register under this Article, the liability of every director and Member of the Company or relevant Body Corporate, and in the case of the striking off of a Branch, the Body Corporate itself continues and may be enforced as if the Company or Branch had not been dissolved.
Company or Branch may apply to the CRO for voluntary deregistration, at the conclusion of 3 months from the date of the application, the Company or Branch may be struck off the register. If the Company or the Branch is not carrying on Business or is not in operation, the CRO may elect, at its absolute discretion, to strike off the Company or Branch prior to the conclusion of the 3 months period provided that the Company or Branch has complied with any requirement under the Insolvency Regulations and Insolvency Rules.
|Amended (as from 5th April 2015).|