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Moorcrofts Means Business

Mastering Corporate Governance and preparing for changes at Companies House under the Economic Crime and Transparency Act 2023: A whistle-stop tour for private limited companies

February 05, 2024 Moorcrofts Season 2 Episode 2
Moorcrofts Means Business
Mastering Corporate Governance and preparing for changes at Companies House under the Economic Crime and Transparency Act 2023: A whistle-stop tour for private limited companies
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Moorcrofts Means Business
Mastering Corporate Governance and preparing for changes at Companies House under the Economic Crime and Transparency Act 2023: A whistle-stop tour for private limited companies
Feb 05, 2024 Season 2 Episode 2
Moorcrofts

This episode of the Moorcrofts Means Business Podcast, sees Kate Prentis and Kirsty King from Moorcrofts discuss the intricate world of corporate governance for private limited companies, exploring the pivotal role of directors and their duties and obligations.

Tune in as Kate and Kirsty cover:

  • Upcoming changes in the Registrar's powers: The increase in the powers of the Registrar of Companies House to tackle economic crime, ushered in by the enactment of the Economic Crime and Transparency Act 2023, which will come into force in March 2024. 
  • Identity verification for Directors: The new identity verification process for company directors, unraveling the options provided by Companies House and the broader implications for corporate transparency.
  • Transition to software-only filing: The industry's move towards a 'software-only' filing system and the strategic implications for companies in ensuring effective and secure filings.
  • Directors’ Duties: The core obligations owed by directors under the Companies Act 2006 and other legislation.
  • Constitutional documents: The need for directors to be familiar with the provisions of the company's articles and any shareholders' agreement.
  • Significance of maintaining statutory registers: The importance of maintaining accurate statutory registers and the legal consequences that may arise from neglecting this aspect.
  • Legal requirements for filings at Companies House: The essential filings required at Companies House, ensuring compliance with legal obligations and procedural norms.
  • Directors decision making: when board meetings or unanimous written resolutions may be appropriate.
  • Consequences of breaching Directorial Duties: The potential repercussions directors may face, from disqualification to personal liability for company debts, emphasising the need for directors to have a good understanding of their duties.

This episode provides a concise yet informative whistle-stop tour of private limited company governance, offering valuable guidance for those embarking on their business journey.

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Show Notes

This episode of the Moorcrofts Means Business Podcast, sees Kate Prentis and Kirsty King from Moorcrofts discuss the intricate world of corporate governance for private limited companies, exploring the pivotal role of directors and their duties and obligations.

Tune in as Kate and Kirsty cover:

  • Upcoming changes in the Registrar's powers: The increase in the powers of the Registrar of Companies House to tackle economic crime, ushered in by the enactment of the Economic Crime and Transparency Act 2023, which will come into force in March 2024. 
  • Identity verification for Directors: The new identity verification process for company directors, unraveling the options provided by Companies House and the broader implications for corporate transparency.
  • Transition to software-only filing: The industry's move towards a 'software-only' filing system and the strategic implications for companies in ensuring effective and secure filings.
  • Directors’ Duties: The core obligations owed by directors under the Companies Act 2006 and other legislation.
  • Constitutional documents: The need for directors to be familiar with the provisions of the company's articles and any shareholders' agreement.
  • Significance of maintaining statutory registers: The importance of maintaining accurate statutory registers and the legal consequences that may arise from neglecting this aspect.
  • Legal requirements for filings at Companies House: The essential filings required at Companies House, ensuring compliance with legal obligations and procedural norms.
  • Directors decision making: when board meetings or unanimous written resolutions may be appropriate.
  • Consequences of breaching Directorial Duties: The potential repercussions directors may face, from disqualification to personal liability for company debts, emphasising the need for directors to have a good understanding of their duties.

This episode provides a concise yet informative whistle-stop tour of private limited company governance, offering valuable guidance for those embarking on their business journey.