Every January we set out ten points to consider from a company law and company secretarial practice perspective. These are practical points for all firms to consider that may bring some benefit to the services you provide. As always if we can be of any help please feel free to contact any one of the
Transfer of shares is where an existing holder of share(s) transfers some or all of their shares to another shareholder or to a third party. Subject to any restrictions in the company’s constitution, a member may transfer all or any of his or her shares in the company by a stock transfer form or any
An essential requirement in keeping a company compliant with company law is annual company secretarial compliance Insert Link. This service is often provided by the accountant or solicitor and it is vital that the firm has the necessary process and procedures in place to ensure they provide this service to their clients.
Part 20 of the Companies Act 2014 provides for the re-registration from one company type to another. The Act has lessen the restrictions on re-registration and the amount of times a company can re-register. An LTD may re-register as a CLG and vice versa for first time which was not provided for under the old Companies Act. An LTD cannot have paid up share capital or requires order from the High Court.
A company may acquire its own shares from an existing shareholder by purchase, or in the case of redeemable shares, by redemption or purchase. A company may redeem or buyback its shares to one issued share and the 10% rule that was in the old Companies Act no longer applies.
The introduction of group audit exemption and the return to economic activity and company restructuring has led to an increase in group structures being created. More companies are being set up using personal holding companies or company restructuring or succession planning are all leading to an increase in the creation of groups. The Companies Act 2014 defines what a group is and we will examine one of the common ways of creating a group using a Golden Share.
A company may allot new shares to the existing shareholders or to a third party. These shares can be from the existing share class or by creating a new share class.
CRO got a reaction they were probably hoping for when they sent out their email on 12th October 2017 announcing “CRIMINAL PROSECUTIONS HAVE BEEN COMMENCED “. A lot of directors and presenters started asking “what was the chances of them or their companies being prosecuted by the CRO?” Even the title of the email was
We finally have clarity on what the definition of a designated unlimited company and what private unlimited companies (“ULC”) will have to file financial statements with the Companies Registration Office. The new definition is bad news for many unlimited companies that were previously exempt from filing financial statements. The new definition applies to financial years
The Companies (Accounting) Act 2017 was signed by the President on 17th May 2017 and will come into operation on 9th June 2017. The Act will apply to financial periods beginning on or after 1 January 2017 for financial statements and other reports. Section 14 of the Act provides for early adoption by the directors