BIS change of name

In the excitement of summer holidays it may have escaped your notice that the Department of Business Innovation and Skills (BIS) has merged with the Department of Energy and Climate Change to become the Department of Business, Energy and Industrial Strategy (BEIS). The Secretary of State for the new department is Greg Clark.

SBEE - Ban on corporate directors

We have reported previously on the planned ban on corporate directors (with certain exceptions) under the Small Business Enterprise and Employment Act 2015 (SBEE). This was supposed to be coming into force in October this year but the implementation timetable on Companies House website has been altered to take to take the October date out and there is now a statement which says:

"Corporate directors
You won’t be able to appoint corporate directors, although there are some limited exceptions. The detail of these exceptions are still under development. Any further information including a date for implementation will be provided on GOV.UK as soon as it’s available."

The Companies House website can be found here.

SBEE - Duty to report on payment practices and performance

In response to a written question to BIS (now BEIS), it has been confirmed that the expectation is that the government will lay regulations to give effect to section 3 (Companies: duty to publish report on payment practices and performance) of the SBEE by early 2017. The duty is expected to come into force on 6 April 2017, applying to financial years starting from that date onwards. It will apply to large private companies, large LLPs and large quoted companies, but not small and medium quoted companies. Click here for the response.