DECEMBER 2007

CORPORATE UPDATE

COMPANIES ACT 2006

Stephen Timms, the Minister, has today made a written statement to Parliament providing details of the final commencement table for the 2006 Act and I am pleased to report that, after some intense lobbying from the Law Society's Company Law Committee (of which I am a member) it has been decided that the changes to the "Financial Assistance" regime will, after all, be implemented on 1 October 2008 rather than (as previously suggested) 1 October 2009.

This is obviously helpful, although banks and their advisers will have to start giving consideration now as to how the changes may impact on their lending procedures in the future.

If you would like to discuss this or any other issues arising out of the new Act, do please feel free to contact me.

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