* The Articles of Association will be the main constitutional documents. As now, there will be an established set of model Articles, but in a much shorter form. In many cases, therefore, Articles will require attention
* The law relating to directors’ loans is to be relaxed
* Directors’ service contracts – all directors’ service contracts for a fixed period of more than two years must be approved by the shareholders. The current law provides that contracts for a fixed term in excess of five years must be approved.
* It will be possible for directors to keep personal addresses out of the public domain.
* Company Secretaries will no longer be necessary for private companies
* The time period for filing of accounts is to be reduced
* Rules on financial assistance have been substantially relaxed
* The new law provides greater flexibility for a liquidator to apply certain company assets to meet his expenses of a liquidation
* Directors’ duties have now been codified in the Act
* Websites must be updated to include various address, contact and other information
For more information and downloads of the Rickerbys Business Alert Bulletins
click here.