The company may recover from a shareholder, dividend which was not properly paid unless the shareholder has received the dividend in good faith and has no knowledge that the company did not satisfy the relevant solvency test.
Also, the 2016 Act has introduced a Superform as a single form for the application of incorporation.
Once a judicial management order is granted, the order will be in force for six months and may be extended by the Court for another six months on application of a judicial manager.
The changes were made to simplify myriad issues in the previous legislation, such as the compliance provisions, procedures on the managing of the company, the formation of the company and etc.
For example, in order to change the name of a company in the previous act, you will need both Forms 11 and 13A in order to do so.
Anyone who lodges any Form under the 2016 Act will need to fill up their personal information.