After several weeks of lockdown, companies are starting to buckle under the pressure. The Companies and Intellectual Property Commission (CIPC) said it has seen more than 450,000 applications from businesses seeking an essential service certificate. The number of business rescue applications has also increased since lockdown was implemented.
The CIPC said its main focus has moved to process essential service certificates. CIPC commissioner Rory Voller said the essential services certificates have basically taken over the life of the organisation. We have a massive amount of applications. Wholesale and retail is by far the largest we’ve seen,” he said.
“Second to that is manufacturing, transportation and logistics is another one. We are going to see an additional increase in May. Meanwhile, new businesses are increasing with thousands applying to open up. Sole properties have difficulty getting certificates from us because that’s not our mandate of the CIPC,” Voller said.
“When we can’t deal with them and have this from different companies, we see a drastic increase of volume in company registration. We started it from 4 May, we’ve registered 15,000 new companies.
The CIPC predicts many more companies will file for business rescue in the coming weeks as there is no clear indication when they will be able to operate at full capacity again.
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Source: eNCA
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