New law: Government defers abolition of corporate directors
The law allowing one limited company to be a director of another was due to be abolished in October 2016 (subject to certain exceptions) but this has now been deferred to a date yet to be determined.
This update was published in Legal Alert - October 2016
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This will give the Government more time to reconsider the exceptions – the circumstances in which corporate directors will still be allowed.
Companies likely to be affected when corporate directors are eventually abolished include companies within groups, companies acting as trustees and companies set up for overseas individuals/companies for tax reasons.
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