Company Register’s ‘strike-off’ list at lowest level for 20 years

THE rate at which companies are being struck off the Jersey Financial Services Commission’s Company Register has declined, offering some evidence that the Island could be past the worst of the global economic downturn.

Deputy registrar Julian Lamb
Deputy registrar Julian Lamb

THE rate at which companies are being struck off the Jersey Financial Services Commission’s Company Register has declined, offering some evidence that the Island could be past the worst of the global economic downturn.

The figures for the latest ‘strike-off’ list are, at 449, the lowest for 20 years.

Deputy registrar Julian Lamb has suggested that, at least in recent years, the relatively high number of dissolutions could have been a reflection of difficult trading conditions.

He said: ‘In general, there have been greater numbers of dissolutions recently because company owners decide it is not cost-effective to continue with a particular company because of the state of the economy, so rather than pay the annual return, they wind up the company.

‘The slowdown in strike-off dissolutions this year might suggest that, in terms of the Jersey register and non-active companies, we are past the worst of the economic downturn and that the current register reflects, in general, active companies.’

Comments for: "Company Register’s ‘strike-off’ list at lowest level for 20 years"

huh

Or more regulated bodies are obliged to pass through procedures to mitigate against strike off. No mention of new incorporations which clearly is a more relevent trend determinate.

Riped Off Again

You are so right!

"Strike Off" is for really lazy people who just can't be bothered to hold one meeting resolving to dissolve the company and lodge one form with the Company Registry.(no fees unless you use a lawyer or accountant) Most company owners follow this procedure these days as it is a tidy end to the company rather than a strike off which can leave directors and shareholders exposed.

The number of incorporations is of more importance as is the total number of companies remaining on the Register which do pay Annual Fees considering that the low level of fees to non residents is one of the reasons that our individual tax bills have increased together with the imposition of GST. Another useless statistic reporting irrelevant spin.

Bob

Means very little here with many companies established as quasi subsidiaries for finance structuring, to consider correlating this lower number with a forecast of the economic condition of Jersey is a rather poor evaluation by JFSC. Splitting out local against finance establishments and subsequent strike-off numbers would be more valuable.

C Le Verdic

How do they explain the dissolutions in non recent years?

Wouldn't have anything to do with companies being set up to work some fiddle or other and then not being needed any more?

Alan

I would be interested to know as to how many companies have been dissolved/struck off/liquidated since 2009 compared to new incorporations. Some people tell me we have lost a heck of a lot of business over the past 2 years especially.