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prohibition on corporate directors - further delayed

22 September 2016
As we have previously reported, the Small Business, Enterprise and Employment Act 2015 (SBEEA) will require all directors to be natural persons and prohibits the appointment of corporate directors (subject to exceptions).  The SBEEA also provides that the appointments of existing corporate directors will automatically cease after a 12 months grace period. 
 
These provisions were supposed to come into force next month (October 2016);  however it has recently been confirmed that this implementation date has been further delayed (to a date not yet known).  The Department for Business, Energy and Industrial Strategy (BEIS) has however indicated that it does still intend to implement the prohibition, and publish regulations setting out exceptions to the prohibition, in due course.  At the time of writing, details of the exceptions are still under development and we understand that further details on this, plus a new implementation date, will be published on GOV.UK as soon as they are available.

training and events

17Sep

In-house lawyers' update Manchester office

Our next in-house lawyers' sessions will give in-house lawyers the tools and strategies for dealing with some of the problems caused by recent changes to the law.

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25Sep

In-house lawyers' update Nottingham office

Our next in-house lawyers' sessions will give in-house lawyers the tools and strategies for dealing with some of the problems caused by recent changes to the law.

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focus on...

Guides

An introduction to EMI share options

Share options granted under the Enterprise Management Incentive Scheme (usually referred to as EMI options) are a popular choice for SME and start-up companies who want to reward and incentivise employees in alternative ways to simply paying them more amounts of cash.

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Guides

An introduction to EIS and SEIS tax efficient investing

Where a start-up or SME company is looking for external investment, and one or more individuals are looking for investment opportunities which can provide significant tax advantages, it is well worth considering the Enterprise Investment Scheme (“EIS”) or the Seed Enterprise Investment Scheme (“SEIS”).

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How to have a settlement discussion with an employee - hear from Kerren Daly

The Acas Code on settlement agreements provides limited guidance on how to conduct settlement agreement negotiations with an employee

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Legal updates

The Information Commissioners Office flexes its muscles: first fines under the GDPR

After much speculation about what the first fines issued by the Information Commissioners Office might be we have seen two significant statements of intention to fine in the same month

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The content on this page is provided for the purposes of general interest and information. It contains only brief summaries of aspects of the subject matter and does not provide comprehensive statements of the law. It does not constitute legal advice and does not provide a substitute for it.

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