Topic Gateway Series UK Company Law Auditor liability (sections 534-538).With the agreement of the company and the approval of shareholders,auditors are allowed to limit their liability (using a specified monetary cap,a formula or other means).The limit must be no less than what is 'fair and reasonable',considering the nature of the auditors' responsibilities and what is expected of them. There is also a useful index of defined expressions at Schedule 8 of the Act,at: www.opsi.gov.uk/acts/acts2006/ukpga_20060046_en_85 [Accessed 25 April 2008] Phased implementation CA 06 gained the Royal Assent in late November 2006,at which point only a small proportion of its provisions were implemented.Those mainly related to the EU Transparency Directive which had to be implemented by January 2007,and included the statutory basis for directors'liability in respect of the Business Review. Other provisions will be implemented by a succession of Regulations over the following three years,with the aim that the entire Act will be in force by 1 October 2009.This represents a slippage of the original timetable,to accommodate Companies House'concerns about its readiness for an October 2008 implementation of certain provisions. BERR has published a final implementation timetable called the Table of Commencement Dates which is usefully colour-coded according to the different implementation dates.Annoyingly,BERR advises that this should not be seen as the definitive timetable,and it advises users to refer to the individual commencement orders on the OPSI website.Unless advised otherwise,this is the timetable.Available from:www.berr.gov.uk/bbf/co-act-2006/index.html [Accessed 25 April 2008] Other legislation:Limited liability partnerships The Limited Liability Partnerships Act 2000 created a new form of organisation for businesses,the Limited Liability Partnership(LLP).LLPs need to be registered at Companies House,and are subject to the same rules as private limited companies in respect of registration and audit.It has not been significantly amended by CA 06.Available from: www.opsi.gov.uk/ACTS/acts2000/20000012.htm [Accessed 25 April 2008] The Limited Liability Partnerships Regulations 2001(Statutory Instrument 2001 No.1090)adds reference to LLPs to the then CA 85 and 89,Insolvency Act 86 and Company Directors Disqualification Act 1986. 5Topic Gateway Series UK Company Law 5 Auditor liability (sections 534 – 538). With the agreement of the company and the approval of shareholders, auditors are allowed to limit their liability (using a specified monetary cap, a formula or other means). The limit must be no less than what is ‘fair and reasonable’, considering the nature of the auditors’ responsibilities and what is expected of them. There is also a useful index of defined expressions at Schedule 8 of the Act, at: www.opsi.gov.uk/acts/acts2006/ukpga_20060046_en_85 [Accessed 25 April 2008] Phased implementation CA 06 gained the Royal Assent in late November 2006, at which point only a small proportion of its provisions were implemented. Those mainly related to the EU Transparency Directive which had to be implemented by January 2007, and included the statutory basis for directors’ liability in respect of the Business Review. Other provisions will be implemented by a succession of Regulations over the following three years, with the aim that the entire Act will be in force by 1 October 2009. This represents a slippage of the original timetable, to accommodate Companies House’ concerns about its readiness for an October 2008 implementation of certain provisions. BERR has published a final implementation timetable called the Table of Commencement Dates which is usefully colour-coded according to the different implementation dates. Annoyingly, BERR advises that this should not be seen as the definitive timetable, and it advises users to refer to the individual commencement orders on the OPSI website. Unless advised otherwise, this is the timetable. Available from: www.berr.gov.uk/bbf/co-act-2006/index.html [Accessed 25 April 2008] Other legislation: Limited liability partnerships • The Limited Liability Partnerships Act 2000 created a new form of organisation for businesses, the Limited Liability Partnership (LLP). LLPs need to be registered at Companies House, and are subject to the same rules as private limited companies in respect of registration and audit. It has not been significantly amended by CA 06. Available from: www.opsi.gov.uk/ACTS/acts2000/20000012.htm [Accessed 25 April 2008] • The Limited Liability Partnerships Regulations 2001 (Statutory Instrument 2001 No.1090) adds reference to LLPs to the then CA 85 and 89, Insolvency Act 86 and Company Directors Disqualification Act 1986