Periodically we, at Lexis WinDeed, receive lists of companies from CIPC that have either been deregistered or are in the process of being deregistered. Companies in these lists number in the hundreds of thousands and the usual reason for this is failure to submit annual returns on time.
Once deregistration is final, a company has no legal capacity to transact. Property owned passes to the State, debt due is rendered unenforceable, as are summons served.
A substantial number of companies searched on by our customers during the course of the last year have been subject to this process. CIPC makes no provision to inform creditors or parties with a financial interest in a deregistered company about the change in its status. Best business practice recommends periodic monitoring of the companies with which you are doing business.
Lexis WinDeed facilitates this process!
Our SearchInsure service will notify you of key changes to a company on which you have performed a WinDeed Company Search, but only if the change occurs within 90 days from the date of the search.
Should you want to know about relevant changes to a company, irrespective of when you last performed a search on them, then the WinDeed Alerts service is what you are looking for. Set an alert on a company, whenever there is a significant change, WinDeed Alerts will let you know.
With Lexis WinDeed you can be informed of important changes to a company’s profile before it is too late to take action.