The Small Business, Enterprise and Employment Act 2015 (Act) received Royal Assent on 26 March 2015. Implementation of Parts 7 and 8 of the Act (being those parts of the Act that deal with the corporate aspects and changes to the Companies Act 2006) is to be phased in over the next 12 months.
Our April 2015 Alert set out the proposed timetable for implementation. On 23 June 2015, the government announced, via its updated consultation paper on PSC registers (i.e. persons with significant control), that the implementation of the restrictions on corporate directors would be delayed, pushing the commencement date out from October 2015 to April 2016. More detail on all of the proposals can be found in our April 2015 Alert.
We will update our April 2015 Alert to reflect this change once the government has confirmed the revised timing for implementing this measure, which is expected shortly.
To access a copy of the Act click here.