The names of directors and key shareholders of companies whose loans are non perfoming will now be listed with Credit Reference Bureaus. This is according to the new proposed CRB rules. See details here.
A key shareholder, according to the proposed rules, is one who holds at least 10% of the shares of a company.
This now places a burden on directors and shareholders of a company to make sure that they repay their loans on time.
What does this mean to you as a director?
It is time to review your shareholding and directorship in different companies.
If they are positions you would rather not have, you should exit the company. This is because your directorship in such companies is costly in the long run. First of all, you risk being listed on CRBs if the company fails to meet their commercial loan obligations, and secondly, you will have no legal recourse against such listing if it happened at the time you were a director or key shareholder.
How we can help
We can help you to regularise your company by filing your annual returns. We can also help you to remove and or add directors and shareholders. Currently, companies are required to be linked to those of the directors on the e-citizen platform. If your company is not yet linked, we can help you to do that too.