Knowledge Centre Category: Company Secretarial Matters

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Asset Lock

An asset lock is a legal feature of a Community Interest Company that restricts how its assets and profits can be used or distributed. It helps ensure that value generated by the organisation is retained for community benefit rather than transferred for private gain. The asset lock must be written into the Articles of the company and must either specify another asset locked body (charity or CIC) or must allow the CIC regulator to decide on the final distribution of assets on winding up.

CIC Regulator

The CIC Regulator is the statutory body responsible for overseeing Community Interest Companies in the UK. Its role is to ensure that CICs meet the community interest test and comply with ongoing requirements, including reporting obligations and restrictions on the use of assets and profits.

Articles of Association

A company's articles of association is its constitutional document, setting out how the company is governed and the rights attached to its shares. Green Accountancy may advise on amendments to these documents to enable eligibility for VAT reliefs, Community Armature Sports Club status, and general best practice.