In order to keep company law up to date and to ensure that it meets all of our needs, there are proposals to put those elements which are likely to need regular amendment into secondary legislation. This means that Statutory Instruments, rather than full Acts can be used in the future to amend these elements of company law.
| Conclusion The Bill is not expected to come into force before April 2007 and may go through a number of amendments during the Parliamentary process. Generally, the Bill is to be welcomed, as it is aimed at simplifying the law and reducing the regulatory burden on small businesses. However, once the Bill becomes an Act it will need to be read together with the existing 1985 Companies Act. More comprehensive simplification may have to wait until we have a single consolidated Companies Act. If you would like to discuss the proposed changes to company law in more detail please contact us. |