Some of the most significant changes contained in the Companies Act 2006 finally come into force on 1 October.

These include a completely new set of procedures, forms and documents to set up a company. New 'model articles' also replace the existing Table A. When a company changes its articles after 1 October it is likely to adopt the new style articles and take the opportunity to get rid of its memorandum of association.

For newly formed companies, the memorandum is abolished, as is the need to have an objects clause or authorised share capital. Companies can include these in the articles if they wish.

New companies must complete a statement of capital and initial shareholdings as part of the application to incorporate. A statement of capital must also be completed when a company allots, consolidates, sub-divides, buys back, redeems or re-denominates shares.

From 1 October every director must provide Companies House with both their usual residential address and a service address. The service address will be on the public record but the residential address will be protected information. The service address must be where documents can be delivered and an acknowledgement or receipt provided. If the director chooses to use his residential address as the service address, the fact that the two addresses are the same will not be apparent from the public record. The residential address will only be available to prescribed regulatory authorities and credit reference agencies.

For more information or advice on how the changes may affect you, please contact Jonathan Waters on 0191 232 8345 or email jonathan.waters@hay-kilner.co.uk.

Please note: This article is not legal advice; it is intended to provide information of general interest about current legal issues. Please contact us to discuss how the contents of the article may affect you.