Need a quick summary of the changes coming into effect on 1 October 2008? Below we list the main provisions being implemented, together with links to the legislation itself or our commentaries, where published.
- Every company must have an individual on the board from 1 October 2008
- No person under 16 may be appointed as a director
- The new procedures for objecting to the opportunistic registration of a company name by another person if you have goodwill in that name come into force. Applications may be made to the Company Names Tribunal for your grievance to be considered. See the Company Names Tribunal website for more information and for the application forms.
- The final director's duties come into force regarding conflicts, benefits from third parties and disclosing information in current and proposed contracts or arrangements with the company.
- A new procedure for effecting a reduction in share capital without a court order comes into force.
- A new form of annual return will be in use from 1 October 2008.
- The financial assistance provisions found in the Companies Act 1985 are repealed, but only in relation to financial assistance being given by a private company for the purposes of the acquisition of shares in itself or in another private company.
- There is a new right for anyone to ask a company to confirm in writing its registered office address, the address of any place where its registers are kept and the type of registers kept there. If a request is received, the company must respond within 5 days.
