Parliament has on Wednesday approved the bill to conveniently dissolve companies that do not follow due procedure under the Companies Act of the Maldives.

The bill to bring amendments to the Companies Act, proposed by pro-government MP for north-Kulhudhuffushi constituency, Abdul Ghafoor Moosa, was approved at Wednesday’s sitting with the votes of 60 members.

MP Moosa said that the main purpose of the bill is to bring a solution to companies that face challenges because there is currently no system that dissolves companies that do not pay their annual fees or publicize their annual account statistics and audit reports.

The Companies Act states that registered companies may be dissolved if its decides to dissolve itself, if ordered by the court, or by the decision of the Registrar of Companies.