Industry comment, updates and news from the Websters team.

The Companies Act 2006 may have arrived

Wednesday, October 21st, 2009 in Landlord, Managing Agent, News

The final parts of the 2006 Companies Act bring changes of interest to landlords, managing agents and company secretaries of property management companies.  On 1 October 2009 the following changes will take effect:-
1.                   New forms must be used to notify Companies House of events occurring after 1 October 2009.
2.                   PROtected On-line Filing (PROOF) has been introduced at Companies House to prevent unauthorised and malicious filing of incorrect documents.
3.                   The private addresses of directors no longer need to be published at Companies House, although such information has to be available to regulatory authorities such as the police and Inland Revenue. Previously filed private addresses can be removed for a fee of £140.
4.                   In addition to the registered office, companies can nominate a Single Alternative Inspection Location, where registers can be kept for inspection.
5.                   New companies can now have a “Constitution” based on model articles, which are much simpler than the old “Table A”.  There are a number of simplifications available under the Constitution and therefore it is generally preferable for companies to make the transition.
6.                   In future, the Articles may be set up to permit the change of the company’s name, which will be a far simpler process than the previous requirement for a special resolution.
7.                   Redeemable preference shares no longer need special authority from the Articles.

This is necessarily a very brief review of the changes.  Please let us know if you would like further details or clarification about how they affect your business.

Ian Stubbs, Partner

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