The Government brings forward the implementation date for some provisions of the new Companies Act and delays others
The government has now announced the final implementation timetable for the Companies Act 2006. The initial timetable was revised due to concerns that Companies House systems would not be ready to handle the new regulatory regime by October 2008, therefore the provisions that relate directly to Companies House have been delayed to October 2009.
Several provisions originally scheduled for implementation in October 2008 will still take effect. These will include rules relating to:
- company names,
- trading disclosures,
- corporate and under-age directors,
- Director's general duties regarding conflicts of interest,
- Director's declaration of interests, and
- the repeal of The Companies Act 1985 restrictions on financial assistance for the acquisition of shares in private companies.
It was also confirmed that sections 121 and 128 on removal of register entries relating to former members, and sections 811(4), 812 and 814, which relate to the inspection of register of interests in a company’s shares, will be brought forward to come into effect on 6 April 2008.
The details of the final implementation timetable were communicated to Parliament in a written statement by Stephen Timms, Minister of State for Competitiveness on Thursday 13th December 2007.
To see the full written statement please click here.
An updated version of The Step by Step Guide to Implementing The Companies Act will be published on The Company Law Resource Centre by Friday 21st December 2007. If you are not a subscriber to The Company Law Resource Centre then please click here to sign up.
We would like to take this opportunity to wish everyone a very happy Christmas and a peacful and prosperous new year.
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