Reinstatement of a Deregistered Company as it relates to the Transfer of Immovable Property

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Recently, it seems to be a fairly common occurrence for companies to be deregistered because of their failure to file their annual returns  with the CIPC. This possibly because many companies are not aware of the far reaching implications of this non-compliance. The process of deregistration of a company will commence should its annual returns not be filed for more than two consecutive years. One of the implications or unforeseen outcomes is that an immovable property may unknowingly be registered in the name of a deregistered company or a court order be granted for or against a deregistered company. The problem is that with deregistration the company is “stripped” of its legal personality, which means in the case of the property transfer – the immovable property reverts to state ownership.

On 7 June 2016, SARS issued a Binding Private Ruling (the Ruling) regarding the reinstatement of a deregistered company to transfer immovable property. Although this ruling is the result of a voluntary deregistration, the principles could be useful for involuntary deregistration as well.

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