Information Helps Companies Adapt To Law Changes

TSO has launched a new service to help UK companies prepare for the changes in the forthcoming Companies Act.

TSO has launched a new service to help UK companies prepare for the changes in the forthcoming Companies Act.

TSO's Companies Act Premium Service is claimed to mean that anyone pre-ordering their copy will receive a PDF of the Act by email on the day of publication and a hard copy by post, allowing company secretaries, lawyers and compliance officers to get to grips with the implications of the law reform as quickly as possible, said the company.

The Companies Act is predicted to implement major changes in all areas of company law and practice, including directors' duties, companies' constitutions, share capital and shareholder communications, accounts and audits, as well as the registration of directors.

The Act is also expected to implement the EU Takeover and Transparency Directives.

A Government White Paper estimated that the expected changes could save GBP250m a year for UK businesses, with GBP100m of that as savings for small firms.

TSO said that small businesses are anticipated to benefit from the creation of a separate default constitution for private companies, together with the need for private companies to have private secretaries to be abolished and the simplification of private companies' decision-making procedures.

It is thought that larger companies will benefit from deregulation of registration of present and past members of the company, clarification of the rules on transfer of assets between companies in the same group and for the first time, a statutory statement of directors' duties is also expected.

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