In November 2007, the Government announced that it was delaying the final implementation date of the Companies Act 2006 (“CA 2006”) until 1 October 2009. However, at the same time, it announced that it was considering whether to commence certain provisions with effect from 1 October 2008 rather than 1 October 2009. This was the subject of our short briefing on 8 November.
On 13 December 2007 the Government announced that the following provisions of the CA 2006 will be commenced with effect from 1 October 2008 rather than 1 October 2009:
- sections 69-74 - objection to company names
- sections 82-85 - trading disclosures
- ections 155-159 - provisions relating to corporate directors and under-age directors
- sections 175-177 - general duties of directors in respect of conflicts of interest
- sections 182-187 - declaration by a director of an interest in an existing transaction or arrangement
- sections in Chapter 10 of Part 17 - the new procedure for private companies to make capital reductions supported by a solvency statement instead of by a court order
In addition, the Government has announced the repeal of the restrictions under the Companies Act 1985 on financial assistance for the acquisition of shares in private companies, including the “whitewash” procedure, with effect from 1 October 2008.
The Government has also announced that there are two further sets of provisions which will be commenced with effect from 6 April 2008. The implementation date of both these sets of provisions has been brought forward:
- sections 121 and 128 - removal of entries in register of members relating to former members
- sections 811(4), 812 and 814 - inspection of register of interests in a company’s shares
A revised CA 2006 implementation timetable (107KB MS Word document) is available on the website of the Department for Business, Enterprise and Regulatory Reform (“BERR”). This sets out exactly which CA 2006 provisions are coming into effect on 6 April 2008, 1 October 2008 and 1 October 2009.