The final timetable for the implementation of the Companies Act has been announced by the Government.
The confirmation follows the Government’s announcement in November that the final implementation date for the Companies Act would be 1 October 2009, rather than 1 October 2008. This delay was necessary to allow Companies House to put in place the required processes and systems to cope with changes brought about by the Companies Act.
The Government said at that time that it would seek the views of business on whether some provisions of the Companies Act could still come into force in October 2008, rather than awaiting the final implementation date of October 2009.
It has now been decided that the following provisions of the Companies Act should be implemented 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.
- sections 641(1)(a) & (2)-(6), 642, 643, 652 and 654: new procedure for private companies to make capital reductions supported by a solvency statement instead of by a court order.
- repeal of the restrictions under the Companies Act 1985 on financial assistance for acquisition of shares in private companies, including the “whitewash” procedure.
In addition, the following provisions will be commenced with effect from 6 April 2008:
- sections 121 and 128: register of members: removal of entries relating to former members.
- sections 811(4), 812 and 814: inspection of register of interests in a company’s shares.
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