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Untitled Document Jordans Companies Act Survey Results

Thank you to those of you who participated in our recent survey. Here is a summary of the results:

1. Are UK company directors sufficiently aware of the Companies Act, and its significance for their business?
Yes, most business directors are already planning for the effects of the Companies Act.
15 %
Probably not – the majority of directors are unaware of the Act, or what it could mean for their business.
61 %
No – very few directors seem to be aware of the Act: the Government has done little to publicise the need for companies to plan for these changes.
24 %
 
2. Would you agree that every company director needs to be aware of the expansion of directors' responsibilities
Yes, directors responsibilities will no longer be limited to what is best for the company, but will include the interests of the environment, their staff and the community
96 %

No, the expanded responsibilities for directors are not significant
4 %
3. You are tracking the Companies Act: how well informed are your competitors?  
Most business advisers, including solicitors and accountants, are keeping a close watch on the Companies Act and its many provisions
40 %
Most business advisers seem to be waiting for implementation of various aspects of the Companies Act before taking a detailed interest
49 %
11%
Very few business advisers seem to be aware of the Companies Act, and its significance for their own business and that of their clients, which is a poor reflection on how the Government has communicated its plans
 
4. Do you believe that the Companies Act – one of the largest pieces of legislation every placed before Parliament – will achieve its declared aim of making life simpler for UK companies?
Yes – the Act will reduce Red Tape and simplify company administration
7 %
Partially – companies will have to go through the pain and cost of changing their systems before they can gain benefits from the new Act
57 %
No – while there are definite benefits within the Act, the overall effect will demand administrative upheaval with no real reduction in Red Tape for most companies
36 %
   
5. In your opinion, will the following measures in the Companies Act be a benefit or a problem for most UK companies?
 
Benefit
Problem
Neither
Directors will be able to provide a service address for the public record
75 %
11 %
14 %
A private company will not need to have a company secretary
36 %
41 %
23 %
One person will be able to form a company
62 %
17 %
21 %
Written resolutions will have to be signed within 28 days of their being circulated for signature, in order to be valid
30 %
34 %
36 %
Companies can communicate with shareholders electronically, either by email, fax or via a website
83 %
8 %
9 %
Directors of a company with one class of shares will be able to allot shares without prior shareholder approval
45 %
41 %
14 %
Company Registrations
What's New!


Companies Act 2006 Updates

24 June 2008
 The Government has published a draft of the Eighth Commencement Order, which relates to provisions of the Companies Act 2006 due to come into effect from 1 October 2009. Comments are invited on the draft order by Friday 5 September 2008.
Read more

7 May 2008
New Statutory Instruments published for consultation.

BERR has published a set of draft Statutory Instruments, all of which will come into force on 1 October 2008, for consultation. Read more

28 March 2008
From 6 April 2008 private companies no longer need to appoint a company secretary
Read more



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