The Government has changed its mind about bringing into force one provision of the Companies Act 2006 this October. The rules on a company making provision for its employees on the cessation or transfer of all or part of its business will not now change until 1 October 2008.
From that date, directors will no longer be able to sanction payments to themselves in these circumstances - such payments will have to be approved by shareholders.
MMS Corporate have produced a series of communiqués covering the key areas of the Act. Click here to access the full list of communiqués.
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