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Companies (Corporate Enforcement Authority) Act 2021: Amendments To The Companies Act 2014 – Corporate and Company Law

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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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