SECP launches online portal for easy exit of defunct companies

ISLAMABAD, April 7: The SECP, to facilitate the closure of companies, has launched an online portal of Companies Easy Exit Scheme, automating and simplifying the process of 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 which 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.