Section 692 CAMA 2020
Section 692 Companies and Allied Matters Act is about Power of Commission to strike off defunct company. It is under Chapter 24 (Provisions applicable to every mode of winding-up) of the Act.
(1) The Commission may strike off the name of a company fromthe register of companies if—(a) a special resolution has been passed by the company that the name of the company be struck off the register ;
(b) an application has been made to the Commission that the name of the company be struck off the register ;
(c) advertisement has been made in three national daily newspapers within 28 days of passing the resolution, calling for objections, if any, to the application ; and
(d) the Commission is satisfied that—
(i) the reasons given for the application are sufficient to justify the striking off,
(ii) the company has not commenced business and has no undischarged obligations, and
(iii) no reasonable objection has been received within 28 days of the publication of the advertisement mentioned in paragraph (c).
(2) Any person aggrieved by the striking off of the name of the company under this subsection may apply to the Court, at any time before the expiration of two years from the date of the striking off, and if the Court is satisfied that it is just to restore it to the register, the Court may order the name of the company to be so restored.
(3) Where the Commission observes or has reasonable cause to believe that a company is not carrying on business or has not been in operation for 10years or has not complied with provisions of this Act for a consecutive period of 10 years, the Commission may cause to be published, in at least three national daily newspapers, a notice of its intention to strike off the company from the register.
(4) Where the Commission does not, within 90 days of the last publication,receive any response from the company that it is carrying on business or in operation, it may strike off the name of the company.
(5) Where a company has been struck off in accordance with the provisions of this section, the Commission shall cause to be published in at least three national daily newspapers, the name and date of the striking off of the company, provided that—
(a) the liability, if any, of every director, managing officer and member of the company shall continue and may be enforced as if the company has not been struck off ; and
(6) Any company, member or creditor aggrieved by the striking off from the register under subsection (4) may apply to the Court, at any time before the expiration of 10 years from the publication of the notice under subsection(5), for an order restoring the company to the register, and if the Court is satisfied that, at the time of the striking off, the company was carrying on business or in operation, or that otherwise it is just to restore it to the register,the Court may order the name of the company to be restored to the register,and an order under this subsection may include any directions, the Court deems fit, and provision may be made therein for placing the company and all other persons in the same position, as nearly as may be, as if the name of the company had not been struck off the register, and upon delivery of an office copy to the Commission for registration, the order shall have effect according to its tenor, and may be registered accordingly.
(7) Any notice to a liquidator to be sent under this section may be addressed to the liquidator at his last known place of business, and any letter or notice to be sent under this section to a company may be addressed to the company at its registered or head office.
