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Mon 18th January 2010
Consultation begins on amendments to Companies Act measures
The latest raft of Companies Act measures only came into effect on 1st October but already there are moves to make some amendments.
One issue to have emerged relates to registered office addresses. The Department for Business, Innovation and Skills (BIS) says there is evidence that some companies are using the addresses of other businesses or private individuals with whom they have no connection. This can be very distressing for those affected.
BIS has now begun a consultation seeking views on how to change the law to reduce the risk of innocent parties having their addresses used in this way. It is also looking at ways to allow companies to challenge information on the register.
The Act's requirements relating to "statements of capital" have also caused concern. The statements are a snapshot of share capital and must be produced at various stages of a company's life cycle, including each year in its annual return.
BIS says it has become clear that it could be difficult for some companies to comply with the requirement for certain financial information. It acknowledges that "in certain circumstances, it may not be possible or meaningful for a company to identify the amount of premium paid up on each share".
It is now looking at ways to amend the requirements in a way that will "balance the interest of third parties in obtaining information with the cost to the company of supplying it".
For more information about the Companies Act 2006, please contact our Commercial Team on 01234 400000 or email kbagnell@pwhmllp.com
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