Strike off process against companies with out-of-date information starts

800 of 1900 companies have taken necessary action

The Central Registry has formally commenced the strike-off process for companies that have not met their legal obligation to ensure their Beneficial Ownership information is accurate and up to date.

The process will run until June for companies incorporated under the Companies Act 2006 and until July for those incorporated under the Companies Acts 1931.

If companies fail to engage during this period further enforcement action may be necessary.

Since the start of the process around 1900 companies have been issued with letters reminding them of their obligations. 

The Central Registry says that, encouragingly, more than 800 of them have already acted and have been brought back into good standing.

It adds it's continuing to strengthen its role as an active gatekeeper of corporate information helping to ensure the Island's beneficial ownership regime remains robust, accurate and aligned with international standards.