companies act 2006

Companies Act Reforms Restrict Access to Credit

Companies Act Reforms Restrict Access to Credit

Businesses should update their credit application process now that the Companies Act reforms have been introduced or they may struggle to access finance, credit reference agency Equifax has warned. In order to cut cases of identity theft, the Companies Act (2006) has been amended so that company directors will no longer be required to publicise their home address at Companies House, but can use their registered office address. However, according to Equifax, removing this data from the public domain will make it harder for organisations lending credit, such as banks, to run suitable background checks on directors to ensure that they are worthy of the loans. “Some organisations will want to do a consumer check on small businesses when they apply for credit,” said Equifax head of ... »

Companies Act 2006

Companies Act comes into Full Force

The biggest overhaul of company law is completed today when the final elements of the Companies Act 2006 are brought into force, with 2.5 million British companies set to benefit from a range of measures that simplify and strengthen the way they do business. To save business time and money Government departments now issue all their changes to business regulations on two dates per year – 6th April and 1st October. This is part of the Government’s commitment to promote better regulation, regulating only where necessary, doing so in a proportionate and targeted way, and reducing bureaucracy wherever possible. From today, new businesses will be able to save valuable time and money with simpler model articles, making it easier to start up and run companies. Other measures will help ... »

Companies Act 2006 – Update

The new Companies Act, passed in 2006, is being implemented on a phased basis. Two points to note, which came into effect on 6th April 2008, are the new rules applying to a change of auditor and the removal of the legal requirement for a company to have a company secretary. One of the main changes to the new auditor rules is that if the auditor is removed before the expiration of his appointment, a statement of circumstances (or a statement that there are no circumstances) should now be sent by the company to the ICAEW (Institute of Chartered Accountants in England and Wales) as well as to the company’s registered office. If the statement explains that there are no circumstances that need to be brought to the attention of members and creditors, then the auditors and also the company ... »