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COMPANY SECRETARIES DISAPPEAR NEXT MONTH - BUT THEIR JOB MUST STILL BE DONE

Directors will be “April Fools” if they get it wrong, warns top company law specialist

Company Secretaries will disappear on 6th April, as one of many measures under the new Companies Act – the biggest piece of legislation ever handled by Parliament.

Although the new law removes the long-standing requirement for private companies to have a Company Secretary, directors will now be responsible for ensuring that legal compliance roles previously handled by their Company Secretary are still performed.

Directors who fail to cover these roles of their former Company Secretary could find themselves in trouble, according to the UK‘s biggest provider of professional business services and information to companies and their advisers.

Janis Law, Group Chief Solicitor at Jordans, said:  “Even though the Companies Act makes the named role of Company Secretary optional from 6th April, much of their work must still be done to comply with the law.  If it isn‘t, then the company‘s directors will be liable”.

Jordans conducted a recent survey among private companies and their professional advisers which revealed that more than a third (36 per cent) saw advantages in no longer having to have a Company Secretary.

"The danger highlighted by our respondents is that more companies may fall into default with important filing obligations if there is no Company Secretary to deal with them”, said Ms Law.

"Private companies will still have a number of legal obligations to fulfil, such as keeping registers, filing annual returns, approving and filing accounts, and ensuring that company law procedures are properly followed when changes occur in the company.  From 6th April, directors will be responsible for these matters.”

To highlight the danger, Jordans has renamed the company secretarial services it provides to thousands of companies.  The service is now labelled “Directors‘ Compliance”.

ENDS             12th March 2008

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk

Note to editors

• Jordans Limited has been providing professional business services for over 140 years. These services now include company formations and administration in the UK and internationally, business information and conveyancing support. 
• Jordans have been offering company formations for all of its 140 years.  As well as forming all types of companies, they provide software – Incorporator - for clients who undertake volume formations and PCSec, a software package which helps company secretaries administer their companies.
• Jordans have been providing international corporate services for many years. With offices in Bristol, London and five offshore locations (Jersey, Gibraltar, Cyprus, British Virgin Islands and Seychelles) Jordans Ltd is able to provide full UK and international support for their clients.  International services include setting up UK or offshore companies and trusts, company management and professional trusteeship.
• Jordans‘ business information services include company searches, data sales (either large or small batches of data on companies and directors) and three branded products – JordanWatch, a database of information and reports on companies, NameGuard, a company name-watching service, and KYC (Know Your Client) Reports used for anti-money laundering information. 
• Jordans Limited has been in the property search business for 30 years and has been offering online search ordering for several years.  Their service spans more than 70 different searches, ranging from all the standard searches, including local authority, drainage and environmental, to the many special requirements for individual properties and localities, such as searches for mining, transport and chancel repair.
• Jordans has over 100 years of conveyancing experience and is one of only three National Land Information Search channels providing local authority searches electronically. The company offers a comprehensive HIPs package, delivering all elements of the pack efficiently and within the quickest possible time.
• Jordans are committed to providing a first-class service and enjoy a reputation for quality, reliability and professionalism.