COMPANIES ACT 2006 – PROVISIONS IN FORCE FROM 1ST OCTOBER 2008

Read on for more information or contact Elspeth Curle, Head of our Corporate Unit.

Provisions of the Companies Act 2006 coming into force on 1^st October 2008 include:

·         directors’ duties to avoid conflicts of interest and not to accept benefits from third parties;

·         directors’ duties to declare interest in proposed transactions or arrangements and in existing transactions or arrangements;

·         provisions relating to corporate directors and underage directors;

·         the repeal of the restrictions on financial assistance for the acquisition of shares in private companies (including the “white wash” procedure) contained in the Companies Act 1985;

·         the introduction of the solvency statement procedure for private companies to reduce their share capital;

·         provisions on trading disclosures;

·         provisions on objections to company names.

For more information about any of the above please contact Read on for more information or contact Elspeth Curle, Head of our Corporate Unit.