Duty after 1 January 2014
ALL of the existing business companies have the following duty after 1 January 2014:
To amend in their Memorandum/Articles of Association every provision that does not comply with the mandatory regulation under the Companies Act, by 30 June 2014. Any company that fails to do so may be wound up by a court.
We recommend that you fulfil this duty using the option of subjecting your company to the Companies (“choosing the Companies Act”) for the following reasons:
- choosing the Companies Act does not mean that you have to change the internal structure of your company,
- it will enable you to make use of certain flexible new regulations – even if you choose the Companies Act , we will provide you with comprehensive advisory services oriented on your needs,
- by choosing the Companies ActBC you will avoid a situation in which it will be unclear whether and to what extent your company is concurrently governed in part by the Companies Act and in part by the Commercial Code – choosing the Companies Act means that your company is governed by its provisions only.