Did You Know That ...? (Corporate Round-Up)
Welcome to the latest edition of Did you know that
...?, our regular briefing, which highlights key legal
developments affecting companies and their advisers. We hope that
you will find it useful and informative. If you think this
publication may be of interest to any of your colleagues or
acquaintances, please feel free to forward it to them and we will
be happy to add them to our mailing list.
HEADLINES
Some of the key deregulatory aspects of the Companies Act 2006
for private companies are now in force, making reductions of share
capital and transfers of non-cash assets between group companies
less problematic, and debt-funded transactions more
straightforward. See below for more information.
Group restructurings ? share capital
Financial assistance ? simplification
Reduction of capital ? simplified private company
procedure
Transfer of non-cash assets between group companies
We also outline the trading disclosure requirements that apply
to UK companies. Failure to comply with these is an offence, so it
is important that you review the requirements and make sure you are
compliant.
Regulations on Trading Information Disclosures under the
Corporate Finance
The UKLA has recently published List! 19, which raises several
interesting issues for sponsors.
List 19! Corporate briefing
Pensions ? New Rules On Moral Hazard
New rules on moral hazard, announced in April 2008, have now
been tabled. The new rules are to be retrospective to 14 April
2008.
Moral hazard ? new legislation
Directors Beware!
Kappler -v- Secretary of State for Trade and Industry
Secretary of State for Trade and Industry -v- Thornbury
Re AG (Manchester) Ltd [2008] EWHC 64 (Ch)
Group Restructurings ? Share Capital
The Companies Act 2006 has made a number of changes which
increase the options available to groups of companies in managing
their capital and realigning assets and liabilities.
Group restructurings ? share capital
Financial Assistance - Simplification
There is no longer a prohibition on the giving of financial
assistance in relation to private companies, although the
prohibition still applies where the transaction involves a public
company.
Financial assistance ? simplification
Reduction Of Capital ?Simplified Private Company
Procedure
A private limited company may now reduce its share capital
through a simplified procedure which doesn't involve an
application to court.
Reduction of capital ? simplified private company
procedure
Transfer Of Non-Cash Assets Between Group Companies
A change in the law which came into force in April 2008 has made
intra-group transfers of assets more straightforward.
Transfer of non-cash assets between group companies
Regulations On Trading Information Disclosures Under The
The Regulations on Trading Information Disclosures under the
Companies Act 2006 came into force on 1 October 2008.
From 1 October 2008 the previous trading disclosure requirements
...
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