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Company Law

Analysis - guidance - compliance

25 NOV 2015

Update 124

Update 124

Update 124 includes amendments to 10 chapters, namely: Chapters 4 (Companies Not Formed under the Companies Legislation); 10A (Register of Members); 14 (Management of a Company); 26 (Capital Reorganisations); 30 (Creating Charges); 34 (Annual Returns); 40 (Obtaining an Equity Listing); 55 (Compulsory Liquidation: Grounds); 56 (Compulsory Liquidation: Procedure); and 63 (Companies and the Conflict of Laws). Commonwealth authorities have been added by Professor Andrew Keay, Centre for Business Law and Practice, University of Leeds, to Chapters 14, 26 and 55.

Chapter 4 includes some minor amendments by Tim Prudhoe, Barrister, Kobre & Kim LLP, and Arielle E Tatur, Solicitor-Advocate, Freshfields Bruckhaus Deringer LLP.

Chapter 10A has been updated by Professor John Birds and includes the 2015 case of Intellimedia Technologies Ltd v Richards [2015] EWHC 1200 (Ch) concerning rectification.

Chapter 14 includes the 2015 Australia case of Summerdowns Rail Ltd v Stevens, which looks at notice of a director’s meeting.

Chapter 26 comments on the Australia case of Re Molopo Energy Ltd, which concerns the Australian equivalent of the Companies Act 2006, s 641 on reduction of capital.

Chapter 30 has been updated by Professor Gerard McCormack, Centre for Law and Business, University of Leeds. The area of title retention is reviewed and the 2015 case of PST Energy 7 Shipping LLC v OW Bunker Malta Ltd [2015] EWHC 2022 (Comm) analysed.

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Chapter 34 has also been updated by Tim Prudhoe and this includes detailed comment on the amendments being made to the Companies Act 2006 by the Small Business, Enterprise and Employment Act 2015. Most notably in this area, these focus on new, additional disclosure requirements and the flexible ‘confirmation statement’ replacement for the annual return. On current proposals, by January 2016, all existing companies to which Pt 21A of the Companies Act 2006 apply, will have to keep a register of people with significant control (PSC register) and, by April 2016, information relating to such PSCs must be filed at Companies House with the company’s ‘confirmation statement’.

Chapter 40 has been reviewed by Justin Stock, Managing Partner at Cooley LLP, and includes some minor amendments.

Chapter 55 comments briefly on the Australian case of Re Sino Strategic International Ltd in the area of the just and equitable winding up.

Chapter 56 is updated with two 2015 Australia judgments of Australian Securities and Investments Commission v Planet Platinum Ltd concerning appointment of a provisional liquidator and Re Advertising Pty Ltd (in liquidation) concerning removal.

Chapter 63 has been updated by Professor Peter Stone, formerly University of Essex, and includes several amendments including extensive new analysis in corporate creation, capacity, internal management and dissolution.


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