Registrar of Companies assures support for companies on verge of insolvency

The Office of the Registrar of Companies is working to help struggling businesses.

This initiative aims to protect local companies facing financial distress.

Under the Corporate Insolvency and Restructuring Act 2020, registered insolvency practitioners assist these companies.

Acting Registrar Maame Samma Peprah emphasizes protecting investments to grow the economy.

She stated, “We can administer the company with registered insolvency practitioners.”

These professionals assess whether a company can be sustained temporarily.

The act focuses on helping businesses instead of immediate liquidation.

Companies at risk of liquidation are offered restructuring options first.

The Insolvency Services Division oversees registered insolvency practitioners' practices.

Maame Samma Peprah said, “We support companies unless they are beyond redemption.”

In that case, they proceed to liquidation.

She also mentioned efforts to digitalize registration processes for easier business registration.

This will reduce reliance on middlemen in the process.

“Two years ago, we began developing an app for home registrations,” she explained.

The app is currently being tested and will soon simplify business registration.

Additionally, the Registrar's office plans to enforce compliance procedures.

These include renewing permits and filing annual returns.

A field exercise has started to ensure adherence to regulations.

Ashanti Regional Minister Dr. Frank Amoakohene praised these initiatives.

He highlighted their importance in improving the regional business environment.

Dr. Amoakohene expressed hope that the new app would streamline operations further.

He noted many business people seek government support without proper registration.

“I direct them to register their businesses for assistance,” he added.