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Financial assistance - private companies and the CA 2006

The prohibition on the giving of financial assistance by private companies was (other than in limited circumstances) repealed with effect from 1 October 2008 under the Companies Act 2006. The repeal resulted in there no longer being a requirement for private companies to follow the statutory “whitewash” procedure where financial assistance for the acquisition [...]

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Posted: November 19th, 2008 under Corporate Finance.
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Directors and Conflicts of Interest – Changes under Companies Act 2006

Changes to the law relating to directors and conflicts of interest come into force on 1st October 2008 as a result of the Companies Act 2006 (the Act).
The existing “common law” restricts a director from acting in a certain way if a conflict arises. However the new “statutory law” requires a director to act [...]

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Posted: September 1st, 2008 under Corporate Finance.
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Directors’ long term service contracts – Companies Act 2006

The Companies Act 2006 introduced some significant changes to the law relating to directors’ long term service contracts. The changes included the following:

Shareholder approval is now required for service contracts in excess of two years (as opposed to five years).
Shareholders have the [...]

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Posted: June 25th, 2008 under Corporate Finance.
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Company secretaries and the Companies Act 2006

The Companies Act 1985 required every company to have a company secretary.
The Companies Act 2006 (with effect from April 2008) provided that private companies were no longer required to have company secretaries.
The changes brought about by the 2006 Act do not prevent a private company from having a company secretary and it is [...]

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Posted: June 23rd, 2008 under Corporate Finance.
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Companies – new method of execution of documents

A new method of document execution was introduced by the Companies Act 2006 in April 2008. The new method allows a company to validly execute a deed or document where:

it is expressed to be executed by the company; and
it is signed on behalf of the company by a director in the presence [...]

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Posted: June 23rd, 2008 under Corporate Finance.
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