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30 September 2008

The following changes and updates come into force on 1st October, affecting all sizes of business.

• Reminder: enhanced information for consumers under consumer credit and hire agreements
  From 1 October 2008, businesses  are required to give borrowers or hirers more information during the lifetime of a regulated consumer credit agreement or consumer hire agreement

• Reminder: new consumer credit licensing requirements
  From 1 October 2008, those offering debt administration or credit information services must hold the right licence

• An optional new route for private companies to reduce share capital
  From 1 October 2008, private limited companies can reduce their share capital by the new solvency statement route. This will not require court involvement.