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COMPANIES ACT 2006: IMPLEMENTATION |
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The final text of the Companies Act 2006, explanatory notes and tables of destinations and origins are now freely available to download at: http://www.opsi.gov.uk/acts/acts2006a.htm. The Act received Royal Assent on 8 November 2006. To see when specific sections of the Act will or have come into force, check the implementation timetable on the FL Memo Ltd newsletter homepage (follow the link to “Companies Act 2006 implementation timetable”). This document will be updated as new secondary legislation is passed and further announcements are made. The implementation timetable is up to date to the Fourth Commencement Order. |
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Provisions in force on 1 October 2007 Various provisions of the Companies Act 2006 come into force on 1 October 2007. This is the subject of the Focus on… in Issue 7, which looks at each of the areas affected, giving details of the provisions coming into force and the related paragraphs of Company Law Memo 2007. Draft reduction of capital regulations and consultation See CLM ¶1453+ On 11 October 2007, BERR published the draft Companies (Reduction of Capital) Regulations 2008, together with a consultation paper. In effect, the regulations will shift the burden of proof when objecting to a reduction away from the company and on to the objecting creditor. The creditor will have to show that there is a real likelihood that his claim would be placed at risk by the proposed reduction of capital. The regulations are expected to come into force on 6 April 2008, ahead of the rest of the provisions on this topic which will come into force on 1 October 2008. The regulations will implement part of the Second Company Law Amendment Directive (EC Directive 2006/68) and will amend the relevant provisions of the Companies Acts 1985 and 2006. The consultation paper including the draft regulations is available on the BERR website: http://www.berr.gov.uk/files/file41627.PDF. Comments are invited by 9 November 2007. Table A transitional amendments See CLM ¶9915 Transitional amendments to table A were made to reflect changes implemented by the CA 2006 on 1 October 2007 (see Issue 7). Further amendments were brought in at the last minute (SI 2007/2826).They amend the chairman’s right to a casting vote in shareholder meetings (reg 50) and amend the rule on voting to allow proxies to count on a show of hands (reg 54). Like the other changes, they apply to companies incorporated on or after 1 Oct 2007 and which adopt Table A articles. |