New company law changes

• The duties of directors to avoid conflicts of interest and not to accept benefits from third parties (sections 175, 176, 180(1), (2) (in part) and (4) and 181(2) and (3)).
• The duty of directors to declare interests in proposed transactions or arrangements (section 177) and the duty to declare interests in existing transactions or arrangements (sections 182-187).
• Provisions relating to corporate directors and underage directors (sections 155-159).
• The repeal of the restrictions under the Companies Act 1985 on financial assistance for the acquisition of shares in private companies, including the "whitewash" procedure.
• The solvency statement procedure for private companies to reduce their share capital (relevant provisions of Chapter 10 of Part 17 and section 654).
•  Provisions on trading disclosures (sections 82-85).
• The application of certain provisions of Part 15 (accounts) to limited liability partnerships for financial years beginning on or after 1 October 2008.
• Provisions on objections to company names (sections 69-74).

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