The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
ARCHIVED: This Practice Note has been archived and is not updated. It is for background information only.
Despite its name, the provisions of the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) are of general application to companies in the UK and not only to small-to-medium enterprises. While the SBEEA 2015 relates mostly to corporate matters and companies' administration, some provisions may impact on certain aspects of financing transactions, which finance practitioners should be aware of. These include:
the abolition of bearer shares
empowering provisions to nullify any ban on invoice assignment
varying the powers of the Export Credits Guarantee Department (ECGD)
changes to the powers of administrators and liquidators which may have an effect on insolvency and restructuring practices
streamlining public procurement practices, and
changes to company administration
The SBEEA 2015 received Royal Assent on 26 March 2015 and will be implemented in various stages. For a full timetable of the dates on which various provisions are coming into force, see Practice Note: The Small Business, Enterprise and Employment Act—company law reforms.
Bearer shares (or share warrants to bearer) have been abolished by the SBEEA 2015. From 26 May 2015, Companies Act 2006, s 779 has been amended and companies are prohibited from issuing bearer shares. Any existing bearer shares should be surrendered to the company which issued them for exchange into registered shares
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