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Towards the end of 2007 the government announced that the final implementation date for the Companies Act 2006 (the Act) would be delayed until October 2009. A previous announcement had indicated that all of the new Act’s provisions were expected to be in force by October 2008. The reason for the delay stems from the need to ensure that the necessary changes to the systems and processes at Companies House are in place in time.
In this briefing we remind you of the current status of the implementation of this important legislation. We then take a closer look at the changes made to the corporate decision making process.
The beginning
The company law reform process began as far back as 1998, with an independent review. White Papers followed in 2002 and 2005 and a Bill was eventually published in November 2005. The Act itself finally received Royal Assent on 8 November 2006.
Objectives
The government’s overall objectives in respect of the new legislation were to simplify and modernise company law so that it better meets today’s business needs and provides flexibility for the future. While the reform process aimed to ‘think small first’, the resulting legislation has an impact on directors, auditors, shareholders and company secretaries of private, public and quoted companies.
The Act itself has been written in simplified language, with a particular focus on small business.
This information is intended for guidance purposes only, and you should always seek professional advice before taking any action. Please contact us for further information relating specifically to your business. |
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