Stop Press: Companies Act amendments accelerated or deferred

3 minute read
03 September 2015

This is an update to our alert More regulation for UK companies: changes to the Companies Act 2006 issued on 4 August 2015. On 26 August, it was announced that the implementation of some of the changes covered in our earlier alert had been accelerated or deferred

The most significant changes are in relation to :

Persons with significant control (PSCs): The requirement for companies to keep a register of PSCs is now due to come into force in April 2016 rather than January 2016. The obligation to file PSC information at Companies House will now apply from June 2016 rather than April 2016.

Prohibition on corporate directors: The new rules requiring almost all company directors to be individuals are now due to take effect in October 2016 rather than October this year.

Other administrative changes: The following provisions are now due to come into force in June 2016 rather than April 2016:

  • Provisions permitting private companies to maintain their statutory registers of members, directors, directors' residential addresses and secretaries by way of filings at Companies House instead of in their own books and records;
  • Changes to the details required in statements of capital; and
  • Reduction of the detail required in company annual returns, where the company is able to confirm that all required information has been duly filed (or that there have been no changes since the previous return).

The following changes are due to take effect in October this year:

  • The requirement for the Registrar to notify anyone named in a notice of appointment of a director or secretary of the fact, so as to identify anyone whose identity is being misused;
  • The reduction in the amount of detail given on the public register of dates of birth of individuals (this change was previously due to take effect in April 2016); and
  • The shortening of the period required for the Registrar to strike off an apparently inactive company.

Provisions already in force

Please note that there are no changes in relation to:

  • The abolition of bearer shares and share warrants to bearer; or
  • The application of directors' duties to shadow directors.

These provisions are already in force.

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

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