Written statement published by Margaret Hodge

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	Untitled Document Written statement published by Margaret Hodge The DTI published a written statement on 26 June 2007. The statement sets out some information on the feedback provided by respondents to the recent consultation on the implementation of the Companies Act and some of the Government's proposals as a result of that consultation. Points of interest: Much of the detail in the Act will be filled in by way of regulations. The DTI is proposing to publish draft regulations in many areas before the summer recess – ie before 26 July 2007. The accounting provisions relating to small companies will be separated from other accounting provisions in the regulations, so that they are easily identifiable. Medium sized companies will be required to disclose turnover in their accounts, while small companies will not. On service addresses for directors: regulations will make provisions which limit the extent to which credit agencies may access the residential address which is filed at Companies House. Shareholder address will be removed from the annual return for private companies. Whilst providing more privacy for shareholders against actions by activist, this could mean that requests for inspection of the register of members of private companies increases, imposing a further burden on private companies. Only public companies that are traded on regulated markets will need to include shareholder addresses in their annual return, and only relation to shareholders who hold 5% or more of any class of its shares. No decision has been taken on how the Companies Act will apply to limited liability partnerships. A further consultation is proposed in autumn 2007 with draft regulations following in early 2008. Many of our clients will be pleased to see a concession relating to sole corporate directors. Any sole corporate director which was in office on 8 November 2006 will be able to continue in office until October 2010, without a natural person being appointed alongside it. However, companies which appointed a sole corporate director after 8 November 2006 will have to appoint a natural person as well as or in place of it with effect from 1 October 2008. Finally the third commencement order for the Act has been laid before Parliament. The draft is not yet available on the OPSI website and we will notify you when it is available. Although the SI has to be considered by both Houses of Parliament, we understand that there is no power to change the text of the SI, only to accept or reject it, and so the text of the draft SI will be the text of the commencement order itself. Summary of ministerial statements on directors duties The DTI has also issued a summary of the ministerial statement as 'high level guidance' on the new directors duties. It consists of a summary of the ministerial statements made in relation to directors duties during the various debates as the Act progressed through Parliament. At a recent conference a DTI spokesperson also made clear that this was the extent of the guidance that could be expected on this controversial and difficult area, and that it was now down to the lawyers and the courts to interpret and advise upon the new statutory codification of directors duties. Read more

			What's New!
	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 20 March 2008 SIs for April 2008 implementation issued. Read more 17 December 2007 Fifth Commencement Order published. Read more 13 December 2007 Final commencement timetable announced. Read more

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