Monday, 1 January 2007

Warning for Bosses

Shropshire Businesses must make sure they are aware of the most significant transformation of company law in decades.

That's the warning from Stuart Haynes at Martin Kaye Solicitors, The Foundry, Euston Way, Telford, following the introduction of the new Companies Act.

"The new act bring the most wide-ranging changes to that legal system that many people can remember for a long time", he said

Stuart said the new legislation would have an impact on all private and public companies, as its far-reaching reforms cover such a vast area of law.

"The Companies Act 2006 is the result of a Department of Trade and Industry review, which was launched as far back as 1998", he said.

"If you ignore the new legislation, you and your employees will be taking unnecessary risks, and you could face serious consequences"

"In another twist, the position of all company secretaries in private companies is now voluntary, and auditors can agree with companies a limit to their liabilities."