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Guide to the Companies Act, 1989

By (author) Frere Cholmeley
Genres: Company law
Format: Paperback
Publisher: LexisNexis UK, London, United Kingdom
Imprint: Fourmat Publishing
Published: 28th Feb 1990
Dimensions: h 210mm
ISBN-10: 1851900888
ISBN-13: 9781851900886
Barcode No: 9781851900886
Prepared by partners in the London law firm Frere Cholmeley - who have monitored the Act throughout its passage through parliament - this book is intended as a comprehensive guide to the most important revision of company law for nearly a decade. The 1989 Act - with an enactment date of December 1989 - implements EC directives and impacts on all UK companies. Among its innovations are: the new concept of "subsidiary undertaking" in connection with consolidated accounts, which will curb the use of balance sheet financing; a system of statutory regulation of auditors is introduced and a change of auditors will now require full explanation by the company; more stringent requirements in respect of disclosing a shareholding; the extension of the DTI's powers of investigation; a procedure for review by the Office of Fair Trading of proposed mergers and the giving of undertakings by companies to avoid referrals to the Monopolies and Mergers Commission; rationalization of the requirements for registering charges; relaxation of the "ultra vires" rule; the abolition of unnecessary formalities, such as AGM's for private companies and the requirement to have a company seal; clarification that directors' liability insurance is not invalidated; a less complicated and more workable system of regulation than the present system under the Financial Services Act. This would be a useful handbook for lawyers, accountants and company secretaries.

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