On 7 November 2007 the Government announced that the final implementation date for the Companies Act 2006 ("CA 2006") will now be 1 October 2009, rather than 1 October 2008. As a result, the commencement date for most of the provisions that were due to be commenced on 1 October 2008 will be put back to 1 October 2009.
The reason given for the delay is to allow Companies House more time to amend its systems and processes. However, some provisions that were due to be commenced on 1 October 2008 do not necessitate changes to Companies House systems and processes and so could still be commenced on that date. As a result, the Government intends to consult key stakeholders about the commencement date for the following provisions:
- sections 69-74 - objection to company names
- sections 82-85 - trading disclosures
- sections 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 811(4), 812 and 814 - inspection of register of interests in a company's shares
- repeal of the restrictions under the Companies Act 1985 on financial assistance for the acquisition of shares in private companies, including the "whitewash procedure"
The Government will make a further statement in December setting out the final commencement timetable in the light of these discussions. A revised CA 2006 implementation timetable (110KB MS Word document) is available on the website of the Department for Business, Enterprise & Regulatory Reform ("BERR").
We will issue a further briefing once the Government has made its December statement