Let us soothe your Co-Sec Headache
Our CoSec Team are often asked to step in to rectify errors of company administration.
Such errors typically arise when clients have either attempted to undertake the often confusing process themselves, or have been the recipients of erroneous advice.
Some Co-Sec predicaments which we have helped clients with include:
- remedying a failure to correctly create new classes of shares, which was causing concern as the company was unable to issue different dividends to different people in the way it wanted to.
- rectifying Companies House filings where previous failure to notify changes to a company’s directors had led to the company’s bank refusing a new overdraft, leading to severe cash-flow problems.
- maintaining statutory books, specifically the shareholder register, as failure to do so had resulted in an attempted buyback of shares from a departing shareholder being ineffective.
- ratifying a past failure to hold AGMs in accordance with a company's articles of association, which left the company with no formally appointed directors where its outdated 'Table A' articles required directors to retire on the last possible day for an AGM.
- resolving failures to disclose company details on trading documents and business correspondence, which had exposed a client to potential fines and civil proceedings.
To avoid falling down at such hurdles, it is crucial for company directors to think carefully about not only appointing a company secretary, but also who to appoint.
Although only public limited companies are required to appoint a company secretary, many private limited companies choose to do so. It should also be noted that the role of the company secretary doesn’t have to be fulfilled by an existing director. In fact, appointing an independent third party can be very beneficial as it can relieve directors of administrative and corporate governance burdens, freeing them up to focus on day-to-day management and progression of the company.
Our Co-Sec Team is well-versed in handling the administrative side of running a company. For peace of mind, we can provide a retainer service for a fixed fee to ensure your company is in compliance from a corporate governance perspective.
For further information about how we can help you, please contact Sharon Percival, or give us a call on 0345 070 6000.