If your company only has a single corporate director appointed you only have until the 30th September 2010 to appoint a natural person as an additional director. Failure to do so means your company will be in default and you may be liable to a hefty fine from Companies House.
After 30th September 2010, all companies (including dormant companies) must have at least one natural director to comply with Section 155 of the Companies Act 2006. For most companies this section took effect from the 1st October 2008 but under Paragraph 46 of Schedule 4 to the Companies Act 2006 (Commencement No.5 Transitional Provisions and Savings) Order 2007, some companies formed before that date were granted a period of grace until 1st October 2010. Companies in default may be subject to fines of up to Â£5,000 for both the company and directors in default, with the possibility of additional daily default fines being issued.
In order to protect local companies from these fines, our Corporate Law team have written to all companies in East Lancashire postcode areas that still have a single corporate director and therefore may be at risk, to alert them of the need to appoint a further director as soon as possible.
If you are concerned that you or your company might be at risk, get in touch with myself or another member of the corporate team and we will be able to advise you.