October 1st 2008 saw a raft of new laws come into effect which could affect you or your business.
It was the second ‘Common Commencement Date’ of the year. This event, which also happens earlier in the year in April, is where Government departments issue new regulations and make amends to existing laws. Many of these changes, listed below, will simplify existing law for business and individuals.
- Changes in employers' liability compulsory insurance certificates rules
From 1 October 2008, changes will apply to displaying and keeping employers' liability insurance certificates - Reminder: enhanced information for consumers under consumer credit and hire agreements
From 1 October 2008, consumers must be given additional statements and notices under credit and hire agreements - Changes in the energy performance certificates rules
From 1 October 2008, the validity of energy performance certificates will be extended and other changes will apply - Changes to householder permitted development rights
From 1 October 2008, certain changes will apply to the list of works not requiring planning permission in England - Reminder: new consumer credit licensing requirements
From 1 October 2008, those offering debt administration or credit information services must hold the right licence - Annual update of rules and fees for veterinary medicinal products
From 1 October 2008, changes will apply to certain controls, requirements and fees for veterinary medicines - Optional electronic communication of building controls documents
From 1 October 2008, the law will enable defined building control documents to be sent and received electronically.
The Companies Act 2006:
The next stage of the implementation of the Companies Act 2006 also took place on October 1st 2008.
Important new provisions:
- the duty of directors to avoid of conflicts of interest
- the duty of directors to declare the nature and extent of any interests they personally have in proposed or existing transactions or arrangements
- the new procedure for private companies to make capital reductions supported by a solvency statement instead of by a court order
- companies will have to have at least one natural person as a director, so a company cannot be a sole director of another company (some existing companies will have more time before the rules change)
- there is a new minimum age of 16 for directors
The restrictions under the Companies Act 1985 on financial assistance by private companies for the acquisition of their own shares were also cancelled on October 1st 2008.
If you have any questions about what this means for you or your business, contact Stephensons’ commercial team on 01942 777777 or email the team using our online enquiry form.