Small business, Enterprise & Employment Act dates pushed back

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Small business, Enterprise & Employment Act dates pushed back

Small business, Enterprise & Employment Act dates pushed back

Certain provisions of the SBEE Act came into force on 10 October and some implementation dates have been pushed back.

SBEE Act provisions that came into force from 10 October:

  • The Registrar of Companies can omit the day of the date of birth of company directors from the information on the register available for public inspection.
  • The Registrar must notify new company directors as soon as reasonably practicable after their appointment has been registered and provide them with information about directors' duties.
  • There is a new accelerated procedure to reduce the time taken to strike off companies.
  • Extension of the directors disqualification regime including: court orders to require directors to personally pay compensation to creditors who are out of pocket due to a director's unfit conduct; persons instructing unfit directors can themselves be disqualified from acting as directors; and directors can be disqualified if they have been convicted abroad of certain offences

Revised provisional implementation dates have been published for some of the company transparency and filing provisions in the SBEE Act:

October 2015

  • Suppression of directors' days of birth on the public register
  • Reduction of time it takes to strike off a company
  • New "consent to act" statement in Companies House forms for director and secretary appointments (discussed above).

December 2015

  • New measures to remove falsely appointed directors from the register
  • New process to deal with a company using a registered office without authorisation.

April 2016

  • Companies are required to keep a register of persons with significant control ("PSC"). Statutory and non-statutory guidance is expected imminently on the meaning of "significant influence or control" for the purposes of determining who is a PSC. We will report on this when the information is available. Companies will be expected to take reasonable steps to establish any PSCs and maintain this information in a PSC register.

June 2016

  • Companies required to file a PSC register information at Companies house
  • Companies can opt to keep information on the public register at Companies House
  • New requirement to file a "confirmation statement" (this will replace the annual return) and to notify changes at least once every 12 months
  • Changes to the particulars required in statements of capital
  • New director disqualification measures.

October 2016

  • Corporate directors can no longer be appointed. This prohibition has been pushed back following reasonable representations that the appointment of corporate directors should be permitted in certain circumstances. We await further detail on this.

For more information, contact Cathy Goodman.