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Trading disclosure requirements for insolvent companies brought into the electronic age

United Kingdom
25/09/2008
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Rules will shortly come into force that extend the current requirement for companies in administration, liquidation, administrative receivership, receivership or subject to a moratorium to disclose their status on hardcopy invoices, orders for goods and business letters.

From 1st October 2008, the duty to disclose their status will also apply to electronic letters and order forms, and any company websites. The requirements have also been extended to orders for services (whether electronic or hardcopy). An anomaly in the existing law, which only requires disclosure when the company’s name appears in the document, has also been removed. Disclosure now has to be made whether or not the company’s name appears on the electronic or paper document.

The new rules are contained in The Companies (Trading Disclosures) (Insolvency) Regulations 2008 No. 1897, which implements Article 1.5 of Directive 2003/58/EC of the European Parliament and the Council of 15th July 2003 amending Council Directive 68/151/EEC, as regards disclosure requirements in respect of insolvency (O.J. L221, 4.9.2003, p.13).

The Explanatory Memorandum is available here.

The full text of the new rules is available here.

Date in force: 1.10.08

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