The Department for Business, Enterprise and Regulatory Reform announced today that the right for UK workers to work over 48 hours per week has been secured. Workers in the UK are already entitled to work over 48 hours per week and this announcement confirms the continuation of this right.

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The Financial Reporting Council announced on Friday 30^th May that they were to update the Combined Code. Their changes will:

• remove the restriction on an individual chairing more than one FTSE 100 company; and
• allow the chairman of a listed company below the FTSE 350 to be a member of, but not chair, the audit committee provided he or she was considered independent on appointment.

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You can now follow Company Law Forum on Twitter!

http://twitter.com/tw/search/users?q=companylawforum

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A CBI Services Sector survey, published 27/ 5, shows that service sector profitability fell at a record rate for consumer-facing companies and was flat for business services firms: still growing but at a much slower rate than previously.

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The Financial Reporting Council has published an Opinion by Martin Moore QC on the concept of “true and fair” as it relates to auditors and users of financial statements in the UK.

Mr Moore confirms that the requirement for the preparation of financial statements to be true and fair is paramount whether financial statements are prepared in accordance with UK or international accounting standards.

Directors are responsible for approving appropriate financial statements while auditors should exercise professional judgement before expressing an audit opinion. Neither directors nor auditors should reach such conclusions solely because the financial statements were prepared in accordance with applicable accounting standards.

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A new survey from ICSA shows that just 16 per cent of companies in the FTSE 200 use evaluation processes that are externally developed or managed. ICSA make the point that it is important for companies to use external facilitators to review board performance from time in order to assure effective performance.

The 2008 ICSA annual board performance evaluation survey is published next month.

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The CBI’s president, Alistair Darling, has warned that the UK must not talk itself into a recession following the credit crunch. CBI members, at their annual dinner last night, stressed that British business is still growing, albeit at a slower rate and pointed out that the credit crunch brings with it opportunity for business.

http://www.cbi.org.uk/ndbs/press.nsf/0363c1f07c6ca12a8025671c00381cc7/2d70f9923fba60b88025744e00303a30?OpenDocument

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A CBI/ GVA Grimley Survey has noted that fewer firms expanded their property portfolios in the last six months, and that an increasing number of firms are planning to reduce their property holdings.

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The ICAEW’s Business Confidence Monitor shows that business confidence has declined steeply in the last quarter. The Business Confidence Monitor uses the opinions of senior finance professionals to asses the state of the economy. 

Q2 2008 BCM Confidence Index 

http://www.icaew.com/index.cfm?route=151990

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Responding to the Draft legislative programme unveiled on 14^th May, Miles Templeman, Director General of the Institute of Directors (IoD) said:

On skills –

“As with flexible working, our members fully support training for all employees. Last week the Learning and Skills Council announced that employer spending on training had hit record levels, and almost all IoD members invest in training for their staff. The proposal to consult on a new right to request time off to train is an unnecessary measure. Instead of succumbing to the regulatory urge, the Government must give non-statutory solutions a fair wind.”

On flexible working –

“The IoD is in favour of all workers discussing with their employer the possibility and appropriateness of flexible working. Three quarters of IoD members already operate flexible working schemes and we know it increases productivity.
It can be good economic and commercial sense to have flexible working policies for all. Business needs encouragement and guidance, what we do not need is more regulation, which is often counter productive.”

On business rate supplements –

“The Government claims that it is in ‘listening mode’ yet the representations made by the IoD and others on Business Rates Supplement have been wholly ignored.  These Government plans are so damaging that an immediate rethink is required.”  

On agency workers - 

“We remain opposed to any changes that will damage the flexibility of the UK’s labour market. However any qualification period must be counted in months rather than weeks and the IoD believes that anything less than 6 months would be an immensely counter-productive move.”

http://press.iod.com/newsdetails.aspx?ref=334&m=2&mi=62&ms=

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The Financial Reporting Council yesterday published a discussion paper on the possible effects of changes to audit firm ownership rules, and a consultation on the use of audit firms from more than one network.

The discussion paper considered a number of issues, including:

• Ease of entry and the potential for mid-sized firms to gain market share
• The potential impact of the introduction of outside capital to audit firms on audit quality
• The impact of the introduction of outside capital on the supply of auditors with appropriate skills and personal qualities
• Possible decline in audit quality arising from conflicts of interest associated with a firm’s ownership.

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http://nds.coi.gov.uk/Content/Detail.asp?ReleaseID=367522&NewsAreaID=2

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A New Law Journal article reports on changes to directors’ duties under the Companies Act 2006.  The basic fiduciary duties owed by directors, expressed at the most general level of abstraction, are to:  

· act bona fide in the company's best interests,  

· use their powers for the proper purposes for which they were conferred upon them,  

· apply company assets (as with any trust assets) only for authorised purposes (authorised by the company's constitution, statute or the general law) and comply with the company's constitution generally,   

· and to avoid placing their own interests in conflict with their duties to the company or making secret profits from the company. 

158 NLJ 606

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A Law Society press release notes that, in light of the credit crunch, a legally compliant business plan is now of increased importance for entrepreneurs looking to start their own business.

Banks and investors are less likely to lend to entrepreneurs whose business plans do not comply with appropriate laws and regulations concerning finance, health and safety, employment, tax and other matters.

The Law Society warns that even businesses with finance in place can be hampered by red tape. For businesses of all types and sizes, the implications of breaching appropriate laws and regulations could be crippling. Research and seekingl advice from a solicitor could help businesses alleviate such risks.

http://www.lawsociety.org.uk/newsandevents/pressreleases/view=newsarticle.law?NEWSID=401897

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The CBI have announced the results of a survey that shows that small and medium-sized manufacturing companies have increased their prices of goods sharply to deal with the strongest cost pressures in over 20 years.

A rise in the cost of raw materials and fuel has been passed onto customers with 51% of respondents raising domestic prices in the last month.

Demand for products has fallen at home and abroad although job numbers are growing in the sector, especially for small firms.

http://www.cbi.org.uk/ndbs/press.nsf/0363c1f07c6ca12a8025671c00381cc7/9bf35dbbb1471999802574440031fa98?OpenDocument

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An article in today’s Guardian newspaper reports that in order to head off threats to leave Britain from companies, the government is further revising corporate tax rules.

This follows the government’s recently announced changes in corporation tax to simplify taxes on profits earned abroad. Criticism from the CBI and companies themselves suggested that these changes forced companies to pay higher taxes and add significantly to administration costs.

In recent weeks the pharmaceutical firm Shire and publisher United Business Media have announced their relocation to Ireland, where their tax burden will be lower.

A committee of Treasury officials and senior business figures will discuss a revised package that aims to prevent further business from moving overseas. This news has been met with approval from companies but has been undermined by the small print of changes, which gives the HM Revenue and Customs the power to investigate “controlled companies” overseas.

Banking and Transport companies are set to gain from these new rules, while pharmaceutical and drinks companies are expected to lose.

http://www.guardian.co.uk/business/2008/may/12/taxavoidance.taxandspending

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The Government is planning changes in UK consumer law to benefit consumers and businesses. UK Business Secretary John Hutton announced these proposals in a speech on consumer protection yesterday (8 May 2008).

John Hutton said:

Mr Hutton is looking for feedback from businesses and consumer groups on a number of ideas and questions including:

* Simplifying the law by replacing the 100-plus consumer laws with more flexible general rules to help reduce the burden on business

* Are there other significant costs for business which could be reduced?

* How to help consumers better understand their rights?

* Bringing together a small number of core consumer rights into a single Act of Parliament

* How to encourage swift and effective dispute resolution between business and consumers?

* Whether changes might be required to keep pace with technological developments like the internet?

The Department for Business, Enterprise and Regulatory Reform has also commissioned IPSOS MORI to produce a unique Consumer Survey. The survey is to examine the perceptions of consumers across a range of different markets - focusing on confidence, transparency, complaints and vulnerable consumers.

The deadline for people to provide their views on the questions and ideas posed by the Consumer Law Review is 31st July

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The following questions have been asked on Company Law Forum and are looking for answers. This community would be grateful if you could provide answers where you feel comfortable:

• Breach of Byelaws/ Companies Act 
• Auditors liability to third parties

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The Professional Oversight Board has issued a guidance note, in the form of two flowcharts, on the circumstances in which it will be the appropriate audit authority to be notified when an auditor ceases to hold office, as required by the Companies Act 2006 with effect from 6 April 2008. 

Flowchart for audit firms www.frc.org.uk/pob/regulation/auditfirms.cfm

Flowchart for companies www.frc.org.uk/pob/regulation/companies.cfm

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The Government is publishing four sets of Draft Statutory Instruments which apply the remaining provisions of the Companies Act 2006 to Limited Liability Partnerships.  These regulations come into force on 1^st October 2009. 

·         The Large and Medium -sized Limited Liability Partnerships (Accounts) Regulations 2008

·         The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006 ) Regulations 2008

·         The Small Limited Liability partnerships (Accounts) Regulations 2008

·         The Limited Liability Partnerships (Late Filing Penalties) Regulations 2008 

The closing date for comments on the draft regulations is the 23rd May 2008. Though because of the Bank Holiday weekend late submissions received by the end of Monday 26th May will be considered.

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The Department for Business, Enterprise and Regulatory Reform are inviting comments on the following draft Statutory Instruments: 

SIs with October 2008 commencement date

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A new Auditing Practices Board bulletin outlines the Companies Act requirements on Revised Accounts and Reports.

http://www.frc.org.uk/apb/publications/pub1593.html

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A new Auditing Practices Board Bulletin deals with auditor's reports on abbreviated accounts prepared by small and medium-sized companies under the Companies Act.

http://www.frc.org.uk/apb/publications/pub1594.html

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A free trial to provide small and medium sized businesses with access to thousands of public sector contract opportunities.

From 1 May until 31 July 2008, the http://www.supply2.gov.uk website will allow new registrants to gain free access to public sector contracts valued under £100,000 for the UK and Northern Ireland.

The free trial is part of the Department for Business' Enterprise Strategy which was released in March, which outlined new measures to increase the amount of government business that is won by small firms.

http://nds.coi.gov.uk/environment/fullDetail.asp?ReleaseID=366267&NewsAreaID=2&NavigatedFromDepartment=True

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A new Auditing Practices Board bulletin outlines the Companies Act requirement for company audit reports to be signed by the "senior statutory auditor"

http://www.frc.org.uk/apb/publications/pub1592.html

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The Companies Act’s final implementation has been deferred until October 2009. This has posed a dilemma for companies: whether to wait until the Act is in force in its entirety before making changes to their articles of association or to adopt a phased approach to updating these articles.

Source: Company Secretary's Review, 31 CSR 26, 201

http://www.lexisnexis.com/uk/legal/api/version1/sr?csi=280148&sr=JOURNAL-CITE%2831%20pre/1%20CSR%20pre/1%2026%20pre/1%20201%29&shr=t

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Section 507 of the Companies Act 2006 introduced the offence of reckless auditing. This section, outlining the offence where auditors or company directors knowingly or recklessly cause a false audit report, has come into force on 6 April 2008.

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The Department for Work and Pensions has announced their responses to changes being made to the Financial Assistance Scheme. This document provides the government response to a consultation on the draft Financial Assistance Scheme (Miscellaneous Provisions) Regulations 2008 and outlines points made in relation to these draft Regulations. The final draft of these Regulations was laid on 29 April 2008 with a view to them coming into force by the Whitsun recess (22 May 2008), subject to parliamentary approval. 

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This supplement to the 21st edition of Butterworths Company Law Handbook takes account of the April 2008 regulations and commencements, with technical annotations. The supplement complements the main work with essential explanatory notes and when combined with the main 22nd edition gives practitioners access to the most up-to-date company legislation at this time of rapid regulatory change. Benefit from access to the most up to date companies legislation at this time of rapid change.

Buy here - http://www1.lexisnexis.co.uk/companylawproducts/ 

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The Companies Act 2006 represents a fundamental review and modernisation of company law and has completely overhauled the legal framework governing companies and their directors. This new edition provides a thorough overview of the unfolding legal and regulatory regime and in-depth coverage of the key changes to the legislation as laid out in Butterworths Company Law Handbook and Supplement. Fully updated with all the latest company law developments up to and including 1 October 2008, this practical guide will enable you to remain at the forefront of company legislation matters.

Buy here - http://www1.lexisnexis.co.uk/companylawproducts/ 

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This order brings into force certain provisions of the Companies Act 2006, including provisions covering eligibility for appointment as statutory auditor; effect of appointing partnership; representation of corporations at meetings; and legal professional privilege.

·         Makes amendments to legislation referring to earlier Companies Act to take account of CA 2006 provisions coming into force on 6 April and 1 October 2008.

·         Makes amendments to take account of provisions of CA2006 that came into force in 2007 and a small number of savings.

·         Corrects the unintended consequence of the Third Commencement Order (2007/2194), which was to bring into force the CA 2006 requirement that a company disclose loans made to anyone defined as a 'connected' person. This was inconsistent with the new disclosure requirement in CA2006, s 413, which applies only to transactions with directors themselves.  

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NEW DRAFT STATUTORY INSTRUMENTS 

What's New?

DBERR has published revised drafts of the following SI s (which all have a commencement date of 1 October 2009):

·         Articles of Association

·         The Companies (Model Articles) Regulations

·         Registration and filing

·         The Companies (Registrar of Companies and Applications for Striking Off) Regulations

·         Companies (Registration) Regulations

·         The Companies Act 2006 (Annual Return and Service Addresses) Regulations

·         The Company and Business Names (Miscellaneous Provisions) Regulations

·         The Companies (Particulars of Company Charges) Regulations

·         Company Records

·         The Companies (Company Records) Regulations

·         The Companies (Fees for Inspection and Copying of Company Records) Regulations

·         Share Capital

·         The Companies (Shares, Share Capital & Authorised Minimum) Regulations

·         Trading Disclosures

·         The Companies (Trading Disclosures) (Amendment) Regulations 

Further details are available on the Regulations draft page of this site.<http://www.berr.gov.uk/bbf/co-act-2006/draft/page40411.html> 

The Department plans to publish further draft SI s before the Parliamentary Summer Recess, including

·         a revised draft of The Companies (Particulars of Usual Residential Address) Regulations;

·         a revised draft of The Company Names Adjudicator Rules;

·         draft SI s relating to the commencement in October 2008 of the procedure for private companies to make capital reductions supported by a solvency statement instead of by a court order;

·         a draft of the final commencement order, relating to provisions to be commenced in October 2009.

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Commencement Orders & Consequential Amendment Orders

·         The Companies Act 2006 (Consequential Amendments etc) Order 2008 (not yet available)

·         SI 2008/674 The Companies Act 2006 (Commencement No. 6, Saving and Commencement No. 3 and No. 5 (Amendment)) Order 2008

Explanatory Memorandum   

Accounts and Reports

·         SI 2008/569 The Partnerships (Accounts) Regulations 2008

Explanatory Memorandum 

·         SI 2008/567 The Bank Accounts Directive (Mi scellaneous Banks) Regulations 2008

Explanatory Memorandum 

·         SI 2008/565 The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008

Explanatory Memorandum  

Audit and Statutory Auditors

·         SI 2008/499 The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2008

Explanatory Memorandum 

·         SI 2008/729 The Companies (Authorised Minimum) Regulations 2008

Explanatory Memorandum

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Reminder: Banking Accounts Rules Change from 6 April 2008

Insurance undertakings subject to the same accounting requirements as insurance companies

From 6 April 2008, qualifying banks have to prepare accounts as if they were banking companies or parent companies of banking groups under the Companies Act. This covers disclosures on auditor remuneration.
Also on this day insurance undertakings are subject to the same accounting requirements as insurance companies subject to the Companies Act 2006 in implementation of EU Directives under SI 2008/565

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Tables C and E amended

The Government has amended Tables C and E of the Companies Act 1985 in light of comments received from stakeholders. Table C applies to companies limited by guarantee with no share capital and Table E applies to unlimited companies.The DBERR website states: “We have not made further changes to Table A and the changes made do not relate to provisions of the Companies Act 2006 that are being commenced with effect from 6 April 2008.” Companies Act 1985 Tables A to F amendment update <http://www.berr.gov.uk/bbf/co-act-2006/whatsnew/page42835.html>

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Small companies are faced with a shower of changes taking place at the start of April as part of the on-going implementation of the new Companies Act, say the Institute of Chartered Accountants in England and Wales (ICAEW).

"Some of these changes only apply to private companies as opposed to public companies."

Filing accounts with Companies House: "At present private companies have 10 months from the end of their annual accounting periods to file their accounts with Companies House. This period will reduce to nine months for accounting periods beginning on and after 6 April 2008"

Company Secretaries: "The post of Company Secretary will be optional for private companies from 6 April 2008. Company secretaries currently in place may resign from that date and need not be replaced, although all the Companies House documents they currently deal with still have to be completed and filed. This change will make it easier for one person to run his or her own company alone. From greater privacy from 6 April company secretaries may give a service address for publicly available details."

Other changes: Clive Lewis reminded small companies that other changes had already come into force:

AGM: "Private companies no longer have to hold an AGM unless specifically required to do so by their articles."

Comany Registration: "The company registration number, registered office and country of registration must all be stated on the company websites, order forms and letters, including all emails sent on behalf of the company. Failure to do so could result in a fine of up to £1,000. This applies to all companies, but may have the greatest effect on smaller organisations doing a lot of their business by email."

Company Directors: "Company Directors can now carry on after the age of 70, but from 1 October 2009 all young directors under the age of 16 will have to resign. The duties of company directors are now written in law for the first time. This may increase the possibility of litigation, so companies should review their insurance policies."

Loans: "Another change which came into effect last year means that loans of up to £10,000 can be made to directors without shareholder approval."

Purchasing company shares: "From 1 October 2009 private companies will be able to provide financial assistance to purchase their own shares. This will make company restructuring an easier process. However, the directors will still need to justify the financial assistance given."

Sole Director: "Some companies use another company to fill the post of sole director, to protect the personal details of the owner of the company. This will not be allowed from 1 October 2009."

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DBERR: Thresholds for small and Medium-sized Companies and Groups and audit exemption threshold

New thresholds, in regards to when a company qualifies as a small or medium-sized company, have been put in place which apply for financial years beginning on or after 6 April 2008A company (or group) qualifies as a small or medium-sized company (or group) if it meets two out of three criteria relating to turnover, balance sheet total and number of employees as set out below in its first financial year, or in the case of a subsequent year, in that year and the preceding year. New thresholds have been put in place which apply for financial years beginning on or after 6 April 2008, by the Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (SI 2008/393).

See Thresholds for small and Medium-sized Companies and Groups and audit exemption threshold. 

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Changes for Small Charitable Companies

•the Charities Act 2006 (Charitable Companies Audit and Group Accounts Provisions) Order 2008 (SI 2008 No 527); and  

•the Companies Act 2006 (Commencement No 6, Saving and Commencement Nos 3 and 5 (Amendment)) Order 2008 (SI 2008 No 674).  

The relevant provisions come into effect on 1 April 2008 and apply for accounting periods beginning on or after that date. The Northern Ireland regime is specifically preserved by SI 2008/674. The above two Orders remove from company law the special audit provisions applying to small charitable companies and bring these companies within the charity law regime for the preparation and scrutiny of annual accounts. Under the new regime, the accounts of a charitable company must be subject to full audit where gross income is more than £500,000, or where gross income is more than £100,000 and the aggregate value of the charity's assets is more than £2.8 million. The following accounts scrutiny requirements apply to other charitable companies:  

· the trustees of a charitable company with gross income of more than £10,000 but not more than £500,000 may elect for an independent examination in place of a full audit - where gross income is more than £250,000, the independent examiner must be from one of the recognised professional bodies specified in the legislation, and the examiner's report must state the qualification held; and  

· the accounts of a charitable company with gross income of less than £10,000 will not require any independent scrutiny.  The most significant impact of this change will be on charitable companies with gross income between £10,000 and £90,000. See further Changes for Small Charitable Companies by Glynis D Morris

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Commencement: 6 April 2008

These regulations:

• introduce new rights for proxies to vote on a show of hands provided by the Companies Act 2006
• amend SI 1985/805 and applies to a company registered on or after 6 April 2008 which adopts Table C or Table E as articles of association.
• amend Table C (which are articles of association of companies limited by guarantee) to reflect the new rights for proxies to vote on a show of hands.

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Draft Companies Act 2006 (Consequential Amendments etc) Order 2008

• Makes consequential amendments to UK legislation to take account of the provisions of the Companies Act 2006 that will come into force on 6 April 2008 and 1 October 2008.
• Contains a few consequential amendments to take account of provisions of the 2006 Act which came into force in 2007 and a small number of savings. 

Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008 No 409)  (see further here)

• In force 6 April 2008. 

arge and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008 No 410) (see further here)

• In force 6 April 2008. 

Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (SI 2008 no 393)  (see further here)

• In force 6 April 2008. 

Companies (Revision of Defective Accounts and Reports) Regulations 2008 (SI 2008 No 373)

•   In force 6 April 2008. 

Companies (Summary Financial Statement) Regulations 2008 (SI 2008 No 374)  (see further here)

•   In force 6 April 2008. 

Companies (Late Filing Penalties) and Limited Liability Partnerships (Filing Periods and Late Filing Penalties) Regulations 2008 (SI 2008 No 497)

•   In force 6 April 2008. 

Statutory Auditors (Delegation of Functions etc) Order 2008 (SI 2008 No 496) Companies (Trading Disclosures) Regulations 2008 (SI 2008 No 495)

• In force 1 October 2008.

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Following interim Regulations implementing the Takeover Directive, new disclosure requirements are now in force and apply to the directors’ reports of relevant companies for financial years beginning on or after 20 May 2006. The requirements have therefore applied to many companies with June 2007 and September 2007 year ends.

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ICSA publish new guidance note on directors' duties to help companies wishing to provide directors guidance on their new general duties resulting from the Companies Act 2006.

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The Accounting Standards Board (ASB) is reminding UK quoted companies of their requirements to follow the enhanced business review reporting requirements in section 417 of the Companies Act 2006 for years beginning on or after 1 October 2007.

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The Fifth Commencement Order, and three other statutory instruments (SIs) subject to negative resolution, were made on 17 December 2007.

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The Minister of State for Competitiveness, Stephen Timms, has made a Written Statement to Parliament providing details of the final commencement timetable for the 2006 Act.

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A Bill to extend the application of the Transfer of Undertakings (Protection of Employment) Regulations 2006 to the acquisition and disposal of substantial shareholdings by private equity companies; and for connected purposes.

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Responses from the FSA and the Government to the Private Equity Committee have been published.

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Discover the latest developments in schemes of arrangement and the impact of the Takeover Directive in practice.

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Draft Companies (Mergers and Divisions of Public Companies) (Amendment) Regulations 2008 have been published on the BERR website and are available from http://www.berr.gov.uk/files/file42743.pdf

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European Commission adopts Guidelines for the assessment of mergers between companies that are in vertical or conglomerate relationship.

The Guidelines are intended to provide guidance to companies as to how the Commission will analyse the impact of such mergers on competition.

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Companies House publishes updated guidance on business names and disclosure rules

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Charlie McCreevy, European Commissioner for Internal Market and Services speech to the EUROFI-Conference, impresses urgent need for closer cross-European approach to regulation.

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The Financial Reporting Council's 2007 consultation with companies and investors on the operation of the Combined Code has found that The Code continues to have a broadly beneficial impact. Only two amendments to the Code have been proposed; these will be the subject of further consultation.

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Following receipt of indicative expressions of interest covering a range of options in respect of its business, the Company and its advisors have engaged in discussions with a limited number of selected interested parties to clarify their proposals.

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Treasury Committee invites written evidence as part of its resumed inquiry into Private Equity and also announces the first oral evidence session for the next phase of the inquiry.

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Table A has been amended by two statutory instruments: the Companies (Table A to F) (Amendment) Regulations 2007 (SI 2007 No 2541) and the Companies (Table A to F) (Amendment) (No 2) Regulations 2007 (SI 2007 No 2826) (collectively referred below to as 'the new regulations' ). The new regulations came into force on 1 October 2007. They apply to a company registered on or after that date which adopts Table A as its articles of association.

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The October 2008 deadline for implementation of parts of the Companies Act has been pushed back a year, in a government announcement. Elizabeth Davidson speaks to Herbert Smith partner Carol Shutkever and Company Law Handbook author Keith Walmsley.

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