Hundreds of companies shut down

via Hundreds of companies shut down – DailyNews Live by Lloyd Mbiba  14 APRIL 2014

The Registrar of Companies has struck more than 176 companies off the register, while 634 companies are set to be de-registered in the next three months.

In a general notice 121 of 2014 published in the Government Gazette on Friday, the companies were struck off in accordance with section 320 of the Companies Act (Chapter 24:03).

According to section 320 (1) the registrar has the right to remove a company from the register where there are reasonable grounds to believe that the company is not carrying out business or is not in operation.

“If a company makes a default for a period of more than two years in rendering returns required by section 123, and the registrar has reasonable cause to believe that the company is not carrying on business or in operation, the registrar may publish in the Gazette and send the company by registered post for such notice mentioned in subsection (2),” reads part of the Companies Act.

The section relates to a three-month notice of the intention to remove the said company from the register.

The majority of the companies struck off the register are in manufacturing and investments business.

On average, the capital base for the companies varies from Zimbabwean dollar to millions of US dollar.

Companies such as Broader Properties Private Limited have a capital base of $1, 5 million while Redlands Development Company has $400 000, Market Cash Butchery Private Limited $1, 5 million and Traveset Enterprises private Limited $100 000.Other companies such as Sotrade Investments and Roncram Investments had capital bases of Z$20 each indicating that they ceased operations during the Zimbabwean dollar era.

Other companies which were struck off the registrar include Deloitte & Touche Executor & Trust Company, Select Seeds of Zimbabwe, Goldridge School, DeBeers Zimbabwe Holdings Private Limited, Chubb Locks Union

Security Private Limited, Talbot Trading and Carldon Investments.

Further, in a general notice 122 of 2014 the Registrar of Companies notifies that he intends to strike off more than 600 companies in the next three months.

“It is hereby notified in terms of section 320 of the Companies Act that at the expiration of the three months from the date of publication of this notice, the names of the companies set out in the schedule will, unless cause is shown to the contrary, be struck off the register and the said companies shall be dissolved,” reads part of the Gazette.

The majority of the companies facing the chop have a capital base of $20 000.

Some of the companies to be struck off the register include Zasol Enterprises, Gyral Trading, Bato Investments, Interlap property Developers, Torhills Construction, Midlands Boilers and Oback Stationery and General Private Limited.

Last year, National Social Security Authority (Nssa) revealed that 711 companies closed shop in Harare since 2011, rendering 8 336 individuals jobless.

Early this year, Zimbabwe Congress of Trade Unions said a record 9 617 job losses and 75 company closures were recorded last year amid fears that the trend could escalate this year as the economy continues to shrink.

COMMENTS

WORDPRESS: 13
  • comment-avatar
    Tjingababili 7 years ago

    COMPLIMENTS OF THE REVULSIONARY PARTY, ZANUPFUMBEPFUMBE!

  • comment-avatar
    Mlimo 7 years ago

    Going going gone?

  • comment-avatar
    mujibha 7 years ago

    Mugabe, r sure, can you pls tell the people of Zimbabwe just one good thing you have done for the country. Agricuture is gone, health/hospitals gone, industry/companies gone, good roads gone, sunshine city gone, rule of law gone, zimbabwe frights/airport gone, housing gone, zbc gone. The only thing which has not gone for the past 34 yrs u have been in power is u. idiot. when r u going to die.

  • comment-avatar

    In another year there may be no companies left on the register. All because of our pig headed President.

  • comment-avatar

    The country is dead and burried while looting none stop continues. When the looters eventualy perish , there won’t be anything to salvage from the wreckage. It has taken us 34 years to destroy the country and it will take us 100yrs to rebuild it…!y then we will all be history….

  • comment-avatar

    This is Mugabe’s legacy!

  • comment-avatar

    We are just not black outside, but inside too… Smith side that no black person could ever rule Zim and he was right.. I blame it all on grace, that woman is pure evil.

    • comment-avatar
      Nkiwane (M'kiwa) 7 years ago

      I don’t know about that. I think Strive Masiywa would make a very good President. We live in a Capitalist world and Strive has truly made it as a Capitalist, and yet he still has a strong social and religious conscience. He also has one great advantage that few people have – he understands both the black and white mind, through dealing with both of them. If he were in power we would truly have a chance.

      • comment-avatar
        roving ambassador. 7 years ago

        I agree , not only is he a self made man, but he has made money and is already recognised as a person of note on the International stage.
        I believe he would be motivated to make a success of it.
        His name is a big brand in Zimbabwe.

  • comment-avatar

    Surprisingly there will be voters out there that will try to return Zanupf to power through voting.

  • comment-avatar
    DubboZimbo 7 years ago

    Let’s hope ZANU Ltd closes it doors soon and is permanently struck off any register.

  • comment-avatar
    munzwa 7 years ago

    And the looters would prefer to invest their ill gotten gains in other countries, why not here??Do not even trust their own selves…

  • comment-avatar

    Things are really going well with Bob at the helm companies closing down!!! Keep it up!!