Thursday, 9 September 2010

Take Action to Appoint a 'Human' Director before 1 October 2010

Is your board made up exclusively of corporate directors?

If so, then you have been making use of the transitional provisions under the Companies Act 2006. Under the Act all companies must have at least one natural person (otherwise, a 'human') as a director, although if your company was already incorporated before the new law came into effect then a grace period applies until 1 October 2010.

Failure to appoint a natural person by the end of this month could result in hefty fines being levied against both the company and the defaulting directors of up to £5,000 with the possibility of additional daily fines accruing for continuing default.

For more information about this post or for assistance with appointing directors or Companies Act compliance more generally please contact Elspeth Curle.

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