Companies House new powers expected to come into effect on 4 March 2024, subject to parliamentary timetables.
These powers will allow Companies House to:
- Ensure that anyone who is required to deliver a document to the registrar does so (and that the requirements for proper delivery are complied with).
- Ensure information contained in the register is accurate and that the register contains everything it ought to contain.
- Ensure that records kept by the registrar do not create a false or misleading impression to members of the public.
- Prevent companies and others from carrying out unlawful activities or facilitating others to carry out unlawful activities.
How will this effect filings?
Companies House will scrutinise documents before they are accepted and published on the register and after they have been accepted and published on the register, if it appears later that there is something incorrect or misleading.
They will also be able to query information that has already been filed on the register before these measures come into effect and have been doing so especially in connection with the Persons of Significant Control Register.
How will they query information on the register?
A query will commence with a request for further information and supporting evidence, queries will cover all filings from changes to share capital to appointments of directors, such as a date of birth which seems odd.
What happens when misleading or incorrect information is identified?
Companies House will be able to remove filings more quickly then at present. From the 4th March they will be able to share information with law enforcement agencies and other government departments.
Additional changes, such as identity verification for all directors, LLP members and persons of significant control, will come into effect later and it is hoped to strengthen these earlier measures.
Formal Query?
If Companies House is not satisfied, they can request further information and agents and/or companies will have 14 days to respond to a formal query.
Consequences of not responding?
If the case escalates to a formal query for information and no response is given, this will be a criminal offence and there could be serious consequences including:
- a financial penalty
- prosecution
It is now going to be important that as well as all filings being correct that they are made within timelines stated in the Companies Act.
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