Many changes accompany the Companies Act 2006 and as a director, it’s crucial to check your legal position.  Target specialises in the needs of business owners and we are well placed to give you a ‘health check’ on the new rules.  We can also create intelligent strategies to sidestep any adverse consequences.

Directors’ duties
There are seven new directors’ duties – four already in force and another three to come.  Since October 2007, you have to act within powers, promote the company’s success, exercise independent judgement and exercise reasonable care, skill and diligence.  Of course these are desirable anyway but not all implications are obvious.  For example, ‘independent judgement’ includes avoiding nepotism.  It also includes balancing conflicting requirements if you’re a director of a parent company and a subsidiary.

Late filing of annual accounts
The deadlines are tighter and the penalties higher – with double the penalty if you are late two years in a row.

Company secretaries
On the plus side, you are no longer legally compelled to retain a company secretary and execution of documents is easier than it was before.

You need to be sure you’re obeying the law AND getting the most from the new Act. 

Call Monica Pahwa, our Head of Company Secretarial Services, on 0845 880 0885 to find out more or click here to request a call back. 

The Companies Act 2006 makes your life both more and less complicated – in any case we’ll make sure you see the best outcome.