This Technical Release provides guidance on realised and distributable profits under the Companies Act 2006 (as amended) (the Act) and all relevant statutory instruments made under the Act. Its purpose is to identify, interpret and apply the principles relating to the determination of realised profits and losses for the purposes of making distributions under the Act. It is based on the guidance previously issued as TECH 02/10 in October 2010 but has been updated as proposed in TECH 05/16 which was issued for comment in March 2016.
On 18 November 2013, BIS published a Simple Guide to the Companies Act 2006 (Amendment of Part 18) Regulations 2013.
ICAEW’s Company Law Subcommittee provides guidance on audit exemption by parent guarantee.
Government report on MG Rover - implications for transfers at an undervalue
Response to the Proposal for a European Council Regulation on the Statute for a European private company(SPE) consultation paper published by the Department for Business and Regulatory Reform (BERR) in October 2008.
Response to HM Treasury’s consultation paper Extension of the Statutory Regime for Issuer Liability, published in July 2008.
Memorandum of comment submitted in September 2006 by the Institute of Chartered Accountants in England and Wales, in response to the Department of Trade and Industry’s invitation to comment on the restatement clauses in the Companies Bill
This paper identifies many issues that companies within the capital maintenance regime will encounter in determining their profits available for distribution using accounts prepared under IFRS. It provides an overview of some of the issues and explains how the difficulties caused by the existing legal capital maintenance requirements might be addressed by the European Commission.
The key provisions of the Companies Act 2004 came into force on 6 April 2005. These include the strengthening of auditors' rights to information from directors and employees, the widened powers of the FRRP to obtain information from auditors, and the new regime for regulating auditors. The prohibitions on companies indemnifying directors and on funding of a director’s expenditure on defending proceedings are also relaxed as from 6th April.