Revised implementation dates for company law changes
Author: Sian Sadler & Marc Piano
Applies to: UK wide
Companies House has published a revised timetable for implementation of the company law provisions of the Small Business, Enterprise and Employment Act 2015.
A number of provisions expected in early 2016 have been pushed back by a few months. Notably, this includes the requirements for companies to keep a register of persons with significant control, which we summarised in a previous article.
The timetable for implementation now stands as follows:
Date of birth: suppression of the day element from directors' dates of birth on the public register
Accelerated strike off: reduction of the time it takes to strike companies off the register
Consent to act: for director and secretary appointments, a requirement for companies to confirm that the person has consented to act in their relevant capacity. Companies House will write to new appointees to make them aware that their appointment has been filed on the public register and to explain their statutory duties
Director disputes: introduction of a simplified procedure for removal of falsely appointed directors' details from the register
Registered office disputes: introduction of a new process to provide a remedy where a company is using an address for its registered office without authorization
PSC Registers: introduction of a new obligation for companies to keep a register of persons with significant control
Annual returns: abolition of annual returns and their replacement by 'confirmation statements' - a requirement to 'check and confirm' company information and notify changes at least once every 12 months
PSC Register information: requirement to submit information from PSC registers to Companies House on incorporation and in 'confirmation statements'
Central registers: introduction, for private companies, to be able to opt out of keeping registers of members, directors, secretaries, directors' residential addresses and PSC registers and, instead, keep this information on the public register only
Director disqualification: amendment of the Company Directors Disqualification Act 1986 to enable a wider range of factors to be taken into consideration by the court when considering a disqualification application
Statements of capital: simplification of the information required to be delivered to Companies House in statements of capital
Corporate directors: introduction of a prohibition on corporate directors
The revised timetable provides only a small measure of extra time to prepare for the introduction of PSC registers. Given the significant work which some companies may face in obtaining the necessary information to enable compliance with the new regime, companies should continue to press ahead with their preparations. Our specialist team can help with all aspects of these company law changes. For more information, please get in touch with Sian Sadler or Marc Piano.
This document is for informational purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given.