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The Companies (Corporate Enforcement Authority) Act 2021 (the
“Act“) has been commenced.
In addition to establishing the Corporate Enforcement Authority
(see our briefing here), the Act makes a number of amendments to
the Companies Act 2014, primarily to address anomalies which had
been identified. These changes include:
- an unlimited company will not be required to have distributable
reserves in order to acquire its own shares;
- shares acquired by a company pursuant to a merger or division
are deemed to be treasury shares;
- restoring a provision from the prior Companies Acts in relation
to the permitted uses by a company of its share premium
- confirming that a reduction in share capital (carried out in
accordance with the Companies Act 2014) is not a distribution;
- confirming that ‘share for undertaking transactions’
can proceed where the transferor company has distributable reserves
equal to the value of the assets transferred.
A new provision requiring company directors to provide the
Companies Registration Office with their PPS number (or such other
information concerning their identity as determined by the
Registrar) when filing certain documents, including Forms B10, has
not yet been commenced.
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