The Companies Act 2006 comprises of 1,300 sections, approximately one third of which are genuinely new, including the following areas:
Company formation and constitution;
Company members and directors’ duties and powers;
Derivative actions and secretaries;
Company meetings and political donations;
Company accounts and auditors;
Private and public companies, share capital and allotments;
Company takeovers and investigations;
Companies not formed under the Act and unregistered companies.
What should businesses have done already?
By now all companies should have made sure that order forms and other documents, whether hard copy or electronic, have been amended to include the company’s registered name (as opposed to just the trading name), number, place of registration and registered office. It is easy to overlook the updating of a company’s website in a similar way but such an oversight will make the company liable for a fine. Any officer of the company could also find themselves liable for a fine if they have authorised the issue of a non-compliant document.