Statutory Compliance

Companies Act 2006

In return for the protection of limited liability, companies in the UK are required to comply with the Companies Acts. Around every 20 years the Companies Acts are reviewed and updated with the Companies Act 2006 replacing the Companies Act 1985 fully effective from 1 October 2009. More detailed information can be found by clicking on the following link Companies Act 2006.

Key Benefits of the Companies Act 2006

The 2006 Act has brought about changes that affect all aspects of statutory matters

Some of the benefits of these changes include:

Directors

  • A statutory statement of directors’ general duties
  • Directors will automatically have the option of filing a service address on the public record (rather than their private home address).

Articles of Association

  • The articles of association becomes the single constitutional document 
  • A separate and simpler model Articles of Association for private companies, reflecting the way small companies operate.

Accounts

  •  A separate, comprehensive “code” of accounting and reporting requirements for small companies.

Company Secretary

  • Private companies not required to have a company secretary.

Meetings and resolutions

  • Private companies no need to hold an annual general meeting
  • Easier for companies to take decisions by written resolutions.

Share capital

  • Private companies no longer prohibited from providing financial assistance for the purchase of their own shares.
  • Private companies may now avoid the necessity of going to the court by utilising a new procedure where share capital can be reduced through a special resolution of the members supported by a solvency statement made by the directors.
  • Authorised share capital abolished and directors given authority to allot shares rather than seeking members approval

Rayner Essex - Statutory Services

Rayner Essex can assist your company in understanding how the changes brought about by the CA2006 may affect your company and in providing a full range of statutory specialist help in compliance with the new Act including:

  • On line company formation and provision of registered office
  • On-line filing of statutory forms and the revised forms brought about by CA 2006
  • Share capital restructuring
  • Limited Liability Partnership formation
  • Preparation and filing of company annual returns and maintenance of statutory registers
  • Changes to company names, accounting year-ends and company officers
  • Amending the company constitution
  • Re-registration of companies from public to private and vice –versa and
  • Dissolution of companies no longer required.

Please contact Gerry Bunten at St Albans for more information.