This act gained Royal Assent on 26 March 2015. Some of the items that are in this act are:-
From April 2016 Companies will need to submit to Companies House details of individuals with significant influence along with those holding more than 25% of shares or voting rights and a register will also need to be maintained of those individuals. If a “Person of Significance” does not register then they may have to give up any rights that they have in the company. Also there are changes in respect of restrictions on the use of Corporate Directors, extension of duties of shadow directors, replacement of the usual Annual Return, shortened period for Striking off a company and changes to the disqualification of Directors and introduction of a compensation scheme which can see the Secretary of State seek disqualification and compensation up to three years after a company is declared insolvent.
Below are some of the staging dates:-
Abolishment of Bearer Shares – 25 May 2015
Accelerated Strike Off – 10 October 2015
Consent to Act as a Director – 10 October 2015
People with Significant Control Register – April 2016