Company Law Bill [HL]

The Government agree with the noble Lord that the matter of a proposed redenomination of capital should be a matter of public record. It has implications for creditors and shareholders alike. If the conditions are satisfied within the period of 15 days provided in the Bill, the redenomination will take effect and the company will be obliged to give notice of the redenomination to the registrar together with a statement of capital under Clause 581. Clearly, if the conditions are not satisfied and the resolution lapses, it would be apparent from the companies register that the redenomination has not taken effect, because there will be no entry on the file stating that it has taken effect in accordance with Clause 581. The Government do not consider that an additional requirement to file information with the registrar will assist searchers of the companies register to any greater degree than is already provided but, rather, that that will impose an unnecessary burden on business. I hope the noble Lord will withdraw his amendment.