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Ban on Corporate Directors
At present, UK companies are permitted to have corporate directors – that is, one or more legal persons (such as a company or limited liability partnership) who are directors – so long as one director is a natural person (i.e. an individual).
This is to change later this year, as part of the Government’s drive to improve the transparency of UK company ownership and control.
The Small Business, Enterprise and Employment Act 2015, which received Royal Assent in March 2015, introduced a ban on corporate directors and those provisions are currently expected to come into force in October 2016 (having been delayed from October 2015).
FOR MORE INFORMATION Should you wish to discuss the matters raised in this briefing, please speak with a member of our Corporate and Commercial team below, or your regular contact at Gregory Abrams Davidson Solicitors on 020 8209 0166 (London) and 0808 164 0698 (Liverpool).