ISLAMABAD, July 11: To facilitate the business community the Securities and Exchange Commission of Pakistan (SECP) has restarted the Companies Easy Exit Scheme (CEES) for a period of four months from July 15 to November 15, 2007.

Through this scheme the SECP provides an opportunity to the dormant public and private unlisted companies, having no assets and liabilities, to take advantage of the easy exit route and get their names struck off the register of companies, a SECP spokesman said here on Wednesday.

All companies having no assets and liabilities and having no intention of reviving their businesses have been directed to avail the scheme within the specified time to avoid any possible action for non-compliance of the mandatory provisions of the law and non-filing of the requisite statutory returns with the registrar concerned.

This facility, however, is not applicable to companies formed under any licensing regime.

The scheme was initially started by the SECP in the year 2002 and later restarted in 2004 before it was put on hold.

“A simple formal procedure has been laid down under the scheme that requires an application by the directors of a company confirming that the company has no assets and liabilities and that they have no further intention to continue the business,” he said.

The scheme also requires auditor’s certificate verifying the true and fair view of the status of the company and a declaration by the chief executive of the company verifying the above facts.