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Small Business Enterprise and Employment Act 2015

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.