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Lewis Nedas Law are London-based solicitors. Frequently rated in both Chambers UK and The Legal 500, we can help you or your business today. Tel: 020 7387 2032.

Lewis Nedas Law Commercial Department Goes Live!

shaking hands 1Welcome to the Lewis Nedas Law Commercial and Litigation Department Blog. Our goal is to keep you informed about recent legislative changes that may affect you or your business by giving you free, regular, cutting edge updates on this web page. We will also be posting about our recent successes, professional legal opinion, developing case law and other newsworthy items on a frequent basis. We feel that a Blog is a great opportunity to invite our readers and our existing clients to pose us with topics for discussion so that the Blog is as interactive as possible. Please note that for confidentiality reasons we will not be able to give any specific legal advice to you or someone you know on this public forum, but if you do have such a query please do not hesitate to get in touch with one of our commercial lawyers who will be happy to help you.

Our first topic is one that has been raised in several recent company transactions that we have been working on and so we felt we could shed some light on this complex area or encourage you to contact us for further advice.

Company Law Update – People with Significant Control

If you’re a business owner or a company director, you’ve probably heard about the new administrative changes affecting UK companies, SEs and LLPs from 6 April 2016. The most significant of these is almost certainly the requirement to keep a “Register of People with Significant Control” (and not forgetting the obligation to file a “Confirmation Statement” once a year, which replaces the obligation to file an “Annual Return” as of next month). If you do have the unenviable task of dealing with such matters yourself, you will no doubt have noticed that there is ample (and by that I mean no less than seven handbooks and hundreds of pages!) guidance on the government’s website to steer you through this complicated area of company law, and a quick Google search of the letters “PSC” reveals a multitude of websites, from laypeople to lawyers, offering fairly comprehensive advice. As such, it is not the purpose of this blog to recite this guidance chapter and verse, or to condense it into a handy how-to guide when so much information is readily available.

No, the purpose of this blog is to inform our readers that, as is the case ninety-nine per cent of the time when a new law is implemented, some confusion and some moderate debate is taking place in commercial circles as to how the rules should be interpreted. For instance, the government has published new guidance as recently as 13 May 2016 (see to help business owners through this legal minefield and we have also been reading other blog posts from law firms on websites such as Lexology which are potentially very confusing to a lay person. Given that the sanctions for non-compliance will be of a criminal nature (as are the sanctions for failure to keep most company information up to date), we understand (and indeed we have experienced) that many people will see this as an administrative headache that distracts them from focussing on their aspirations of running a successful business. The types of queries we hear regularly are:

  •  What is a PSC Register?
  •  How do I identify a person with significant control?
  •  How and to what extent should I contact these people?
  •  What information must I enter on to the Register?
  •  How and when do I need to enter information on to the central public register at Companies House?
  •  How often must I review the information contained on the Register?
  •  Where must the Register be kept and for how long?
  •  What restrictions can be imposed on people who refuse to respond to requests for PSC information?
  •  Where can I find further guidance on this subject and are there any updates available?

As you can see, this is an extensive list of questions that we have already had from our existing clients and we are sure there will be more on this topic until such time as the new legislation has had time to bed in.

If you are at all concerned about the new legislation and whether it affects your business, or if you would like to speak to our team about your corporate and commercial needs generally, please contact us by emailing our enquiries line and we guarantee someone will come back to you within 24 hours.

Adam Creasey

Lewis Nedas Law

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