Time Has Run Out - Companies may be in Default

Companies Act 2006 ss 155 to 159

Since October 2008 it has not been possible to set up a Company in England and Wales unless at least one of the Directors is a living human - a “Natural Person” - and not itself another Company.

Because this was not previously the rule, there has been a run-off period of grace allowed of two years.

This indulgence expired on 30th September. On or after 1st October 2010, any Company in which all of the Directors are corporate entities is in default and subject to being fined. Please note that even if the Company Secretary is a natural person, this will not comply with the Law if none of the Directors are natural persons.

If your Company is in this position – Time has run out, The best mitigation is to correct matters immediately - please contact me.