The Government has announced that the timetable for implementing the rest of the new Companies Act 2006 has been put back. It is now planned to bring the majority of the remaining provisions into force on 1st October 2009 rather than 2008.
Robert Wharton, of Thring Townsend Lee & Pembertons' Company Commercial team said: "The main reason for the change is practicality. Additional time is needed, including time for Companies House procedures and systems to be adapted. Companies House will have to cope with a lot of alterations to their current systems and practices, as will their customers, companies and directors."
The provisions scheduled to commence on April 6 2008 will still come into force on that date. These include provisions relating to accounts and reporting, audit, debentures, distributions and company secretaries becoming optional rather than compulsory for private companies.
"Some of the provisions which were meant to come in on 1 October 2008 may still to do," said Robert.
"The Government is going to consult about the practicality of introducing these provisions, which include a new system for objecting to company names, directors' conflict of interest duties, regulations about directors' interests in transactions and rules relating to private companies providing financial assistance for the purchase of their own shares."
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