UK: BIS consultation - exceptions to the prohibition on corporate directors

Clause 84 of the Small Business, Enterprise and Employment Bill (currently before Parliament and scheduled for second reading in the House of Lords on 2 December) will insert a new provision into the Companies Act 2006 in order to provide that company directors must be natural persons, thereby prohibiting so-called corporate directors (i.e., directors that are companies). Exceptions to this general prohibition are possible and the power to set out such exceptions through secondary legislation is given to the Secretary of State in Clause 84. In this regard, the Department for Business, Innovation and Skills has published a consultation paper setting out its position on the circumstances in which the use of corporate directors should be permitted, including (for example) UK companies with shares admitted to trading on regulated markets: see here (pdf).

UK: The Financial Services (Banking Reform) Act 2013 (Commencement No. 7) Order 2014

The Financial Services (Banking Reform) Act 2013 (Commencement No. 7) Order 2014 was made on 26 November: see here or here (pdf). The Order brings into force on 31 December 2014 several provisions in the Financial Services (Banking Reform) Act 2013 including section 13 (preferential debts) and section 133(2)(a) (power of the FCA and PRA to make rules applying to parent undertakings).

Singapore: company representation in court proceedings

Judgment was given several days ago in Bulk Trading SA v Pevensey Pte Ltd [2014] SGHC 236. The case provided the High Court with its first opportunity to consider new rules which permit, at the court's discretion, a company to be represented in court proceedings by an authorised officer. In considering the operation of the new framework, the trial judge - Steven Chong J, the former attorney general - discussed the law in other jurisdictions, including the UK, Canada, Australia and New Zealand. He also set out the factors that he believed were relevant for the court in deciding whether to exercise its discretion.

Germany: a gender quota for the supervisory board - legislation due next month

It has been reported widely in the media that Germany's coalition government has agreed to introduce legislation next month that will require at least 30% of supervisory board positions at Germany's largest companies to be held by women: see, for example, here.

UK: Supreme Court - permission to appeal cases - court to hear implied term case

The Supreme Court has published the results of November's permission to appeal applications: see here (pdf). One of the cases that the court has agreed to hear - an appeal from [2014] EWCA Civ 603 - will give it the opportunity to consider implied terms and, in particular, whether a term should be implied in a lease enabling a lessee to get back that part of the advance payment of rent in respect of the period after the break date.