Mr. Djanogly: To ask the Secretary of State for Business, Enterprise and Regulatory Reform what estimate he has made of the financial effect on companies as a result of the change in the proposed date for the implementation of provisions of the Companies Act 2006 from 1 October 2008 to 1 October 2009. [166488]
Mr. Timms [holding answer 20 November 2007]: The Government recognise that companies need clarity about the commencement timetable for the Companies Act 2006 so that they can make proper preparation for full implementation. In particular, we wished to avoid companies making changes to their articles of association in the 2008 annual general meeting season in a way which would have required them to hold an extraordinary general meeting if the commencement timetable were changed next year. The Government have therefore decided, in the light of advice from the Registrar of Companies that he can not be absolutely confident of implementing the necessary changes to Companies House systems and processes by October 2009, to announce a change to the timetable now so that companies do not incur unnecessary costs.