Company law and practice has undergone its biggest shake-up for 30 years. It will soon be much easier to set up and run a company, saving businesses up to an estimated £250 million a year, according to Cambridgeshire company secretarial consultant Trina Hill.

The most controversial part of the Companies Act 2006 means private companies will no longer have to employ a company secretary; and this will particularly benefit smaller firms. Although this choice is now optional, the work undertaken by a company secretary still needs to be done.

Predominantly, the new Act will simplify company formations and meeting procedures, shorten the filing deadlines for annual accounts, allow private companies to reduce their share capital more easily, make directors' duties statutory for the first time, allow greater use of e-communications, introduce limitation of auditors' liability and increase the rights of shareholders.

This will all be music to the ears of cash-strapped small companies, who can use Trina's freelance consultancy to keep them up to date. She offers a wide range of company secretarial and administrative services from her Soham based business called InTrinSec.

Trina, who advises listed and private companies, warned of the legal minefield behind the new legislation. Reform of The Companies Act has been a long and arduous process and, although it received Royal Assent earlier this month (8 Nov) it will take up until October 2008 before it is fully implemented as further consultations are to be carried out.

However, some key areas can be implemented from the end of the month for new businesses setting up, including the changes regarding company secretaries.

Trina said, 'The aim of the new Companies Act was to substantially rewrite company law, making it easier to understand and more flexible for small businesses. The Government estimates that businesses will save up to an estimated £250 million a year, £100 million of which represents benefits for small companies.'

'These sweeping changes are aimed at reducing unnecessary bureaucratic red tape, and should help small businesses considerably. It is important they fully understand all the legal requirements and using a freelance company secretarial consultancy can take away all the administrative headaches, offering the support they need, as well as freeing up their valuable time to focus on other areas.

'These changes are long overdue. It is the first time since 1985 that there has been such a thorough review and overhaul of company law. As well as making it easier to set up and run a company, there will also be key benefits for small companies and increased statutory responsibilities for company directors which I can advise on.

'Changes will affect directors' duties; shareholders; accounts and audits; and the registration of directors' addresses with Companies House. It will naturally benefit businesses considerably if they know exactly how to operate.'

Trina has established herself as an expert in her business role. She is an Associate of the Institute of Chartered Secretaries and Administrators, having qualified in 2003. She has over 10 years' company secretarial experience gained with FTSE 100 and FTSE 250 companies within the retail, property and financial services sectors.

Ends

Note to Editors:
Further information is available from Trina Hill on 01353 722442 or 07976 800918.
Press Officer Ellee Seymour can also help on 01353 648564 or 07939 811961.

13 November 2006
INTRINSEC COMPANY SECRETARIAL LIMITED
PRESS RELEASE