TT249: Company Law Update 2
This is the second instalment providing an update on forthcoming company law changes. The majority of the planned changes have now been implemented including the introduction in June 2016 of the Confirmation Statement which replaced the Annual Return.
Abolition of corporate directors
The Government’s plans of preventing companies appointing new corporate directors and the gradual removal of existing corporate directors were going to be introduced from October 2016. These changes have been delayed.
The Department for Business, Energy & Industrial Strategy is still planning to implant the corporate director abolition changes but we are awaiting further details regarding when this will be introduced.
It also expected that a new consultation will be announced on these changes.
Electronic Filing of documents
Currently some forms can only be filed at Companies House in paper form. Companies House is planning to reduce the number of forms that can only be paper filed.
One of the forms that this proposal may apply to is the form DS01 (“Striking off application by a Company”).
Overseas companies and branches registered with Companies House
The Government is considering plans to introduce a register similar to the Persons with Significant Control (“PSC”) for overseas companies and branches.
Further announcements are expected to be made in due course by the Department for Business, Energy & Industrial Strategy.
The impact of Brexit
The impact of the Brexit vote and subsequent triggering of Article 50 is still not clear.
There is expected to be no further major changes in the immediate future.Talk to Barnes Roffe today