The Government has announced details of the final commencement timetable for the Companies Act 2006. All parts of the Act will come into force by October 2009, but there will be early commencement of some of the provisions. The Department for Business Enterprise and Regulatory Reform (BERR) website sets out the final implementation timetable.
Following discussions and meetings with key stakeholders, the Government has decided that the following provisions should be commenced with effect from 1 October 2008:
* sections 69 to 74: objection to company names;
* sections 82 to 85: trading disclosures;
* sections 155 to 159: provisions relating to corporate directors and under-age directors;
* sections 175 to 177: general duties of directors in respect of conflicts of interest;
* sections 182 to 187: declaration by a director of an interest in an existing transaction or arrangement;
* repeal of the restrictions under the Companies Act 1985 on financial assistance for acquisition of shares in private companies, including the "whitewash" procedure.
* the new procedure for private companies to make capital reductions supported by a solvency statement instead of by a court order.
See full Article.
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