This is a three part post series about how to avoid deregistration of your company in PNG.
Hundreds of companies get deregistered in PNG for one simple reason and that is failure to lodge company annual returns with the office of the Registrar of Companies.
Consider this situation. Say your company wins a contract to provide some kind of service or product and after fulfilling your end of the deal you get compensated with a nice cheque with a five figure amount
under your company name.
You race to the bank to cash the cheque and normally if everything is in order with your account and the registry at IPA, it should not be a problem cashing or banking the cheque into your company o business name account.
Usually at the bank, the teller has to confirm your cheque and so he goes through the formalities that they have to go through to clear the cheque right.
In the mean time depending on how soon you want your cash, you may have to wait for a while to have the cheque cleared. Different banks will have their own time frame for clearing a cheque and same day clearance usually will incur a high charge.
However, what if the teller returns and regrettably advises you that the cheque can not be cashed or deposited because unfortunately according to the records at IPA your company is deregistered or your business name is expired. It can happen you know. Have you faced such a situation before?Labels: Commerce Regulations, Deregistration