A central registry of companies’ beneficial ownership is among government proposals to shake up UK company law.
The Department for Business, Innovation & Skills (BIS) has published a discussion paper setting out its proposals for company law reform.
- a central registry of companies’ beneficial owners;
- the abolition of bearer shares;
- measures to tackle misuse of corporate directors and nominee directors;
- ways of making directors more accountable for misconduct or company failure; and
- a review into the use of pre-pack administrations.
The central registry information on beneficial ownership would be maintained by Companies House and hold information on individuals with more than 25% of shares or voting rights in a company or who otherwise control the way a company is run.
Key questions will include whether information in the registry should be made public, what information is to be provided and how it is to be updated.
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