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Ten important changes companies need to know about

Ruth Corkin
The government is introducing new legislation that will have implications for all UK companies. According to the Department for Business, Innovation and Skills the purpose is to support businesses as they compete and to ensure that no unfair advantage is gained by those who refuse to play by the rules.

Many of the measures will affect the obligations of company secretaries and directors; transparency of ownership; and the conduct of boards and board members.

Here are ten important changes that companies need to know about.

1. There will be more flexibility to confirm that companies’ basic information is correct and complete at Companies House, even though the annual return is to be controversially abolished.

2. Companies will be able to keep certain information on the public register rather than on company registers.

3. There will be a new means of resolving disputes about directors’ appointments.

4. There will be new moves to remove inaccurate registered office addresses from the public register.

5. A new publicly accessible central register of UK company beneficial ownership information is going to be created.

6. Companies will be able to add additional, relevant information to the public register at Companies House.

7. Bearer shares will be abolished.

8. Changes will be made to increase the accountability of those who control company directors by such things as prohibiting the use of corporate directorships.

9. There will be more rigorous measures for disqualifying company directors.

10. New procedures will increase the likelihood of creditors being compensated where they have suffered loss from director misconduct.

All of the changes mentioned above, plus many others, directly affect all private companies in the UK irrespective of their size and will almost certainly be enacted before the general election next May.

Roger Mason has been monitoring the proposed changes to company law throughout the government's consultation period and has prepared a three hour seminar that will explain in depth the impact they will have on all companies.

For details of the seminar please visit this page.

Stephen Smith

Managing Director
UK Training (Worldwide) Limited

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