A number of provisions of the Companies Act 2006 came into force on 1 October 2007. The provisions now in force are unlikely to have a significant impact on bank documents or transactions but some differences might be noticed. The Government announced by Written Statement on 7 November 2007 that the commencement date for most of the provisions due to be commenced on 1 October 2008 would be put back to 1 October 2009. It will make a further Statement in December setting out the final commencement timetable for the Act.
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The Department for Business, Enterprise and Regulatory Reform has published the draft Companies (Prescribed Particulars of Company Charges) Regulations 2007. The Regulations will come into force on 1 October 2008 and prescribe the particulars of a charge to be delivered to Companies House for registration under section 860(1) of the Companies Act 2006. Click
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Where there is more than one bank involved in a workout, banks will often share relevant information but the case of National Westminster Bank plc –v- Rabobank Nederland [2007] EWHC 1056 (Comm) confirms that there is no general legal obligation to do so. Click
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The recent case of Wittman (UK) Ltd –v- Willdav Engineering S.A. [2007] EWCA Civ 824 considered the effectiveness of a guarantee following variation to the underlying contract. On the facts of the case the obligations of the guarantor were not discharged by the variation. Click
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British Vita Unlimited –v- British Pension Fund Trustees Ltd and another [2007] EWHC 953 (Ch) is the first case where the scheme specific funding regime under the Pensions Act 2004 has been considered by a Court. This case highlights the influence that pension fund trustees exert in relation to transactions where there is a defined benefit scheme.
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