Small Business Enterprise and Employment Act 2015

Changes to the Companies Act 2006 have been made by this new piece of legislation, which in summary cover the following:

From October 2016, corporate directors will be abolished.

Shadow Directors will automatically be given the duties of a director where they are capable of applying to that shadow director (as from May 2015).

Bearer shares (which are a right in equity) are now prohibited and are subject to a staged cancellation process up to the end of February 2016, which ends the right to such shares.

From October 2015, a company with a turnover of £36million or more and which supplies goods and services will have to publish a “slavery and human trafficking statement”.

A company will be required to keep a register of people with “significant control” over the company, which will include anyone with 25% shares or more or anyone with 25% or more voting rights.

If you require more details on these changes and how they may impact on your business, please contact Michael Sandys via email mls@gwl.co.uk or on 0151 242 5995.