HB Accountants

August

Companies Act 2006 - The Final Countdown

The remaining sections of the Companies Act 2006 are due to come into effect on 1st October 2009.

The main changes are:

Forms – All Companies House forms will change from 1.10.09. The new forms must be used for all company events that take place on or after that date. If you use an old form it will be rejected.

Director's address protected from disclosure – Every director will have a service address and a usual residential address. The service address for each director will be publicly available. The residential address will only be made available to public authorities and credit reference agencies. On 1.10.09 a director's current residential address will automatically become the service address. However, if you want to have a different service address (e.g. the Registered Office), these details can be changed online.

New company creation – A number of changes have been made to make it easier to set up a company.

Articles for new companies – New companies articles will include the objects and liabilities. These were previously in the memorandum.

Authorised share capital – From 1.10.09 new companies will no longer be required to have an authorised share capital. Directors will be able to create shares by board resolution. Existing companies can alter or drop the authorised share capital provision by ordinary resolution.

Allotment of shares – If a private company has only one class of share, then the directors will be able to allot shares without the prior authority of the shareholders. The shareholders can employ the articles to prevent or limit that power.

Contact John Clarke on 01992 444466 (or johnc@hbaccountants.co.uk) for a free initial consultation.
 

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