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New laws facing company directors

Changes in the law concerning directors of companies came into effect at the start of the month.

The changes have been initiated by the Companies Act 2006, and need to be highlighted to dealers, said Spofforths Chartered Accountants. It introduces three groups of measures which will come into force over the next 12 months.

The first measures came into effect on October 1. These outline the general duties expected of company directors, make annual general meetings an option, and enable private companies to handle most business without holding a general meeting, should they wish to.

“In addition to the new measures on October 1, there will be more changes in April and October next year,” said Spofforths’ partner Bryan Elkins. “In April, the period for filing accounts will be shortened to nine months. The appointment of a company secretary will become optional and shareholders may agree a limitation of liability for the company’s auditors.”

Next October, a new method of forming and administering limited companies will be introduced.

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