SECP launches online portal for easy exit of defunct companies
MG News | April 07, 2022 at 04:50 PM GMT+05:00
April 7, 2022: The SECP, to facilitate the closure of companies, has launched an online portal of the Companies Easy Exit Scheme, automating and simplifying the process of an easy exit.
Section 426 of the Companies Act, 2017, and its corresponding regulations, the Companies (Easy Exit) Regulations, 2014, deal with the easy exit of a defunct company. According to this legal framework, a private or public unlisted company that ceases to operate and has no known assets and liabilities, may apply directly to the registrar to strike its name off the register of companies instead of submitting a winding-up petition to the court.
The procedure of easy exit was previously carried out manually by filing an application to the SECP. However, with the launch of an online portal, the easy exit will be processed online.
The easy exit online portal is another initiative of SECP towards complete automation and digitalization to facilitate the corporate sector.
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