MUSCAT: The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has issued a clarification regarding the liquidation of a number of companies.
The statement comes after the Ministry of Justice and Legal Affairs published the details of liquidation in the Official Gazette.
MOCIIP clarified that the rise in the liquidation of companies is due to the facilities offered by the ministry for a period of six months to firms who wish to merge their multiple commercial activities and a one year extension for companies that wanted to liquidate their businesses entirely from the commercial register from June 15, 2021.
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MOCIIP said it has been dealing with the issue of multiple commercial records that has negative repercussions on the economy.
“Publishing the announcement of the liquidation of companies in the Official Gazette is a binding legal procedure to end transactions and preserve the rights of others,” MOCIIP said in the statement.
