The New Companies Act 2014 - With effect from the 1st June
The new Companies Act 2014 was signed into law on the 23rd December last and is taking effect on the 1st June. It affects all companies and both simplifies existing law and consolidates it from 32 pieces of legislation to 1. It is now modelled on the smaller private company rather than the large plc and so is more user friendly, modern and significantly less bureaucratic. However it does require companies to decide on what structure is best for them and to take steps to replace their existing rules with a new simplified shorter constitutional document.
There is a guidance booklet available to members to explain the changes which you can download by clicking here.