The Lower House has passed the Companies Amendment Bill 2025, establishing new requirements for record retention following company dissolution.
The amendment, presented by Attorney General Sir Steadroy Benjamin, addressed feedback received from the Global Forum review and introduces several key changes to the 1995 Companies Act.
Under the new legislation, liquidators will be responsible for safekeeping company records for a minimum of seven years after dissolution.
‘After seven years from the company being dissolved, no responsibility rests on the company, liquidators, or any person to whom the custody of the books and papers has been committed,’ the amendment read.
The Registrar of Companies must also retain company records for at least seven years after a company has been struck from the register or dissolved.
The bill increases the previous record retention period from five years to seven years and places an obligation on both liquidators and the Registrar to maintain proper documentation.
St Phillip South MP, Sherfield Bowen spoke in support of the amendment, sharing a personal experience that highlighted the need for better record-keeping.
“I recall having a circumstance where a person died and many years after, a member of the family came to me with a charge on lands and the charge was to the Bank of Antigua.
Bank of Antigua had been struck from the records, and now it was a problem to get this charge removed,” Bowen explained. “I remember the effort I made to find the liquidator who was in Tortola and the information was so hard to find.”
The court may direct the Registrar to restore the company “upon such terms and conditions as it deems appropriate” if satisfied that restoration would be just.
Sir Steadroy said that several individuals were awaiting passage of this Bill to access documents and records needed to properly settle estates.
