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Changes to the implementation timetable announced

The DTI has recently posted a number of FAQs on their Companies Act website. These highlight the following changes and clarifications of the implementation timetable:
  • The provisions in sections 116-118 CA06 - which deal with the right to inspect the register of members and include the new ability for companies to make a court application to prevent access to the register – will be implemented on 1 October 2007 rather than 2008, as originally announced.
  • The provisions that deal with minimum share capital requirements for public companies and prohibit public offers by private companies will now be implemented on 1 October 2008, with all the other provisions relating to shares and share capital, instead of in April 2007.
  • The business review provisions of the Act, found in section 415, will be commenced in October 2007 as expected. They will apply to financial years beginning on or after 1 October 2007.
  • The conflict of interest sections of Part 10 which will not be implemented in October 2007 are:
      • the duty to avoid conflicts of interest (section 175);
      • the duty not to accept benefits from third parties (section 176);
      • the duty to declare interest in proposed transactions (section 177);
      • the provisions relating to the declaration of interest in existing transaction or arrangement (sections 182-187);

    These will all, as expected, be implemented in October 2008.
To view the updated timetable click here

The FAQs also contain some helpful guidance on some common questions on e-communication, the new misleading statements offence in accounts and the trading disclosure obligations which have already been implemented.





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Companies Act 2006 Updates

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New Statutory Instruments published for consultation.

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28 March 2008
From 6 April 2008 private companies no longer need to appoint a company secretary
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20 March 2008
SIs for April 2008 implementation issued.
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17 December 2007
Fifth Commencement Order published.
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13 December 2007
Final commencement timetable announced.
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