Companies Act 2006
The Companies Act 2006 (Act) is being implemented between now and October 2008 indeed parts of the Act are already in force.
So what does it actually mean for you?
Much has been made of certain changes, particularly those relating to the codification of directors' duties (in respect of which some very useful best practice guidance has been published by the GC 100) and to the streamlining of the regulatory regime for private companies, but there are a number of areas which will affect all companies to a greater or lesser extent, and about which you need to be aware in order to decide how to take advantage of the new rules, or to prepare yourself for their implementation.
One of the stated aims of the government in bringing about the changes introduced by the Act was to reduce the administration involved in running private companies. The Act was intended to reduce the cost to businesses in complying with the requirements of the old legislation.
To some extent, we think that the Act has achieved this aim. Certainly with regard to companies to be incorporated after the Act comes into force, there is a significant easing of the regulatory regime for private companies. For companies incorporated before the act came into force the benefits are there, but in many cases companies will need to be pro-active in affording themselves the opportunity to take advantage of those changes.
Through our series of briefings and seminars, and through this web-site, we hope to be able to help UK plc to better understand the changes that are underway, and to prepare itself for those changes, whether that means taking advantage of the benefits which the Act affords companies, or putting mechanisms in place to ensure that companies do not fall foul of some of the less welcome sections of the Act.
Briefings
Auditors' liability -- to limit or not to limit
Directors' duties -- the "Magnificent Seven" and the "Subsidiary Six"
Directors' duties from an insolvency perspective
New Electronic Communications rules for an electronic age
Companies Act 2006 finally receives royal assent
