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Corporate & Commercial

Amendments to the Companies Act – Act No. LX of 2021

This article was written by​ Dr Neeraj Bharwani, Dr Martina Bonnici and Dr Andrea TheumaAct No. LX of 2021 (the "Act"), published in the Government Gazette on the 26th October 2021 introduced several amendments to the Companies Act, Chapter 386 of the Laws of Malta (the "Principal Act"). These amendments primarily relate to qualifications for a person to be eligible to act as a director and new address requirements for companies and their officers.The Act allows for different dates to be established for different provisions in the Act to enter into force. While certain provisions came into force on the 30th…
Neeraj Bharwani
31st October 2021
Corporate & Commercial

Proposed Amendments to Companies Act may require Amendments to all current Memorandums and Articles of Associations

Bill No. 233 of 2021 proposes a number of amendments to the Companies Act, Chapter 386 of the Laws of Malta. These amendments relate to the qualifications required for a person to be a director of a company, the registration of electronic addresses and the obligation of every company to have a register of officers' and shareholders' residential addresses.One of these amendments falls under Article 69 of Chapter 386, which reflects the contents which are to be established within the memorandum of association of a company. Currently, Article 69(1)(d) of the Companies Act provides that the memorandum of association is…
Zachary Galea
16th July 2021
Trusts, Foundations and Wealth Management

Registrar for Companies Assumes the Function of Registrar for Legal Persons

The President, by and with the advice and consent of the House of Representatives, has enacted Act No. XLVII of 2020 to amend the Second Schedule to the Civil Code, Chapter 16 of the Laws of Malta (the "Second Schedule"), and the Companies Act, Chapter 386 of the Laws of Malta, and to provide for related and ancillary provisions.The function of the Registrar for Legal Persons has now been assumed by the Registrar for Companies of the Malta Business Registry. The Registrar for Legal Persons previously fell under the purview of the Public Registry within Identity Malta. Any reference to…
Joshua Chircop
18th August 2020
Corporate & Commercial

Amendments to the Companies Act

This article was written by Dr Michael Psaila and Dr Joshua ChircopOverviewOn the 23rd June 2020, the President, on the advice and with the consent of the House of Representatives, enacted the Companies (Amendment) Act, Act number XXXI of 2020 (the "Amendment Act"), which introduces certain amendments to the Companies Act, Chapter 386 of the Laws of Malta (the "Act").The Companies (Amendment) Bill (the "Bill") was previously tabled before the House of Representatives by the Minister for the Economy, Investment and Small Businesses on the 13th May 2020. This Bill was reported in a previous article.The Act introduces:new grounds for…
Michael Psaila
5th July 2020
Corporate & Commercial

Bill proposing amendments to the Companies Act.

This article was written by Dr Michael Psaila and Dr Joshua Chircop.OverviewOn 13th May 2020, the Minister for the Economy, Investment and Small Businesses tabled the Companies Act (Amendment) Bill (the "Bill") which proposes certain amendments to the Companies Act, Chapter 386 of the Laws of Malta (the "Act").The Bill proposes: 1.new grounds for ineligibility and disqualification from holding certain offices under the Act; 2.new powers to the Minister to make regulations on winding up applications (including the suspension of the right to make winding up applications), regulations on wrongful trading (including the retrospective suspension of the wrongful trading provisions)…
Michael Psaila
21st May 2020
Corporate & Commercial

New Regulations Setting Up a Company Recovery Fund

On 12th May 2020, Legal Notice 192 of 2020, the Companies Act (Company Reconstructions Fund) Regulations 2020 (the "Regulations") was published to supplement the company recovery procedure as provided under article 329B of the Companies Act (Chapter 386 of the laws of Malta) (the "Act").Objective of the RegulationsThe Regulations set up and regulate the administration and operation of a fund to be designated the Company Recovery Fund (the "Fund") which is intended to facilitate the company recovery procedure under article 329B of the Act. The Fund shall receive a maximum amount of €500,000 annually from the Malta Business Registry provided…
Nicole Portelli
15th May 2020