Comply or Face the Consequences


Do you know that ACRA now has the power to debar directors or company secretaries who are in default, especially for repeat/multiple breaches of failing to hold Annual General Meeting and filing Annual Returns?

But before we reach this serious state of affairs, take note of the following consequences for breach of failing to hold Annual General Meeting and filing Annual Returns: -

  • Penalties imposed for late lodgement
  • 3-tier composition fines as shown in Stages 2 to 4 below

Breach of the Companies Act is a criminal offence. As a Director of your Company, you may be subject to the following remedies for breach of Directors’ duties: -

  • You may by sued by your Company for damages or return of specific property
  • You may have to forfeit any profits made
  • You may be personally liable for debts if your Company’s business was carried out with intent to defraud

We cannot emphasize enough on the importance of compliance. The worst scenario is that ACRA can debar you from taking on new appointments as director and/or company secretary. So, check out this website to see how you can help your Company to comply.


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