The answer is yes. When you fail to pay annual renewal fees, your IBC loses its status of good standing and incur late penalties. Your IBC becomes kind a like zombie, waiting to be woken up!
What happens is all late payments will add up and still be there, but after a while, Registry of companies will decide to strike-off your company from the Registry, because of non-payment of government fees. However, your IBC will remain liable to any unpaid fees, debts, obligations and also any creditors will be able to raise a claim against it.
While you can pay up all debts and revive your company, during the period when it was struck-off, you may not legally operate with this company, your IBC or any parties of your IBC cannot enter any transactions.
So, think twice if it’s worth it! It might be cheaper to keep paying those fees, if you intend to use this IBC again if future, as you will have to pay them in any scenario!
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