Ministry shuts down 32 private companies
14 ޑިސެމްބަރު 2019 | ހޮނިހިރު 12:46They were dissolved under the Sole Proprietorship Act (Law No. 19-2014).
Registrar of companies, Mariyam Wisam
The Ministry of Economic Development has dissolved 32 private companies.
According to an announcement released last week by the ministry, a total of 32 privately owned businesses have been dissolved under the Sole Proprietorship Act (Law No. 19-2014).
As such, all 32 businesses were finalized for liquidation in the month of November.
The Sole Proprietorship Act was ratified in 2014 with the objective of bolstering privately owned local businesses. Likewise, the law mandates that, unlike regular companies, the business's capital belongs to the sole proprietor of said company.
The Registrar of Companies has the authority to liquidate businesses deemed "inactive". Moreover, the owner of the company also has the right to dissolve the business by appealing to the Ministry of Economic Development.
