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The new Companies Act 2006 is finally implemented
1 October 2009 is the date of the final implementation of the Companies Act 2006. For many, life will simply continue as before. However there are some issues that you need to be aware of and others that you may want to take some action:
1) For accounting periods commencing on or after 6 April 2008, you will need to file your accounts within 9 months of your year end if you are a private company.
2) You will have read about not having a company secretary, or holding an annual general meeting and not having to have an authorised share capital; but in order to take advantage of these, you do need to change your Articles of Association.
3) Directors can substitute their private addresses for a service address, likely to be the company trading address or registered office. Whilst the private address will be on record, it will not be generally available to the public.
4) There are new style forms for all matters to be filed at Companies House.
5) Generally all documents must be signed in black ink.
6) All new companies will now be formed with general objects within the Articles of Association. These are largely unrestricted, using a default set of model articles, unless you choose to insert specific restrictions.
Existing companies, however, will retain whatever their current objects and articles state. The only aspects that will be automatically superseded are where the existing articles conflict with current law. For example, legally there can be no maximum age restriction on serving directors. Therefore articles that currently state 70 as a restriction will be invalid.
Clearly the above is only a brief overview, so if you wish to discuss the above or any wider issue please do not hesitate to call me on 0116 282 7000.
Companies House have a useful link to frequently asked questions.
www.companieshouse.gov.uk/
Robert Radford