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Introduction
A fundamental revision of British company law is now
under way following an independent three-year review.
This will cut costs and red tape for businesses of
all sizes.
The
Company Law Review and the Government's response
In
March 1998 the DTI launched a long-term fundamental
review of core company law led by an independent Steering
Group whose aim was to develop a simple, modern, efficient
and cost effective framework for carrying out business
activity in Britain for the twenty-first century.
The Steering Group was formed of those with particular
knowledge and expertise in company law matters to
oversee the management of the Review. It presented
its Final Report
to the Secretary of State on 26 July 2001
The
Government published its response to the Company Law
Review's major recommendations and set out its core
proposals for reform in a White
Paper 'Modernising Company Law' (Cm 5553) published
on 16 July 2002. The consultation period for the receipt
of views on the proposals concluded on 29 November
2002. A breakdown of the responses received, ordered
by reference to chapters of the White Paper and the
questions it posed, is available here.
In July
2003 the Government announced its plans to change
company law. As well as a commitment
to the fundamental reform of company law, the Government
intends to introduce early legislation to implement
changes to the law recommended by the various reviews
in the aftermath of the Enron and Worldcom failures.
This will include measures creating a new corporate
vehicle, the Community Interest Company (CIC), to
promote the development of social enterprise. The
Government also plans to use its existing powers to
introduce a statutory Operating and Financial Review
for large companies.
A
link to
Jacqui Smith's statement can be found here
Further
Information
Further
information on the Company Law Review is available
by clicking on the relevant sections below:
Copies
of the News Releases issued on 26 July 2001 are available
here
A separate summary of the proposals for small business
is also available 
(13Kb).
Copies of all Review consultation
documents are available as downloadable pdf files.
Copies
of breakdowns of
responses by reference to the questions posed
- to many of the Review's consultation documents are
available as pdf files, including a breakdown of responses
to 'Developing
the Framework' and
'Completing the Structure'
More
information on the scope and arrangements for the
Review, including its terms of reference, are contained
in a consultation
paper published by the Department in March 1998.
Further
information on the White Paper is available by clicking
on the relevant sections below:
A
copy of the News Release issued on 16 July 2002 is
available here
A
separate summary of the proposals for small business
is also available
(13Kb).
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