02 March, 2007
North-west law firm Forbes Solicitors advises that the hotly anticipated implementation timetable for the Companies Act 2006, the biggest Act in English legal history, has just been published. In November 2006 the Act received royal assent after years of reviews, reports and white papers.
The responsible minister at the DTI has recently stated "We want to introduce benefits for business as quickly as possible. It is important, for example that private companies can benefit as quickly as possible from the deregulatory measures introduced by the Act (such as those on resolutions and meetings)"
Some changes were implemented in January 2007. The bulk of the Act will now come into force in four stages April 2007, October 2007, April 2008 and October 2008 and includes changes affecting all company directors, a wider offence of fraudulent trading, no future requirement for company secretaries, rules on debentures, company formation and share capital.
Daniel Milnes, Head of Company Commercial at Forbes Solicitors commented "All companies will be affected by this legislation whether existing now or formed after the new Act takes effect. The government has tried to help small and medium sized companies with this legislation so most of the changes will affect them. It will be more important than ever for company directors and shareholders to be aware of their responsibility and the changing rules applicable to their companies".
The Company Commercial team at Forbes Solicitors will be holding a series of seminars to explain and advise companies on the changes and how they will affect their business. To register your interest in these events or for a free detailed breakdown of the provisions of the act please email firstname.lastname@example.org.