Economic Ministry terminates 37 private businesses
8 ޖެނުއަރީ 2021 | ހުކުރު 06:44Economic Ministry terminated 37 businesses on 7 January 2021 under the Sole Proprietorship Act (19/2014).
Registrar of Companies Mariyam Wisam
The Ministry of Economic Development have announced the termination of 37 privately-owned companies.
While the Ministry revealed on Thursday that they had terminated 37 private businesses registered under the Sole Proprietorship Act (19/2014), no reasons were disclosed as to why the businesses had been dissolved.
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 submitting an appeal to the Ministry of Economic Development.
