The long awaited Company Law Reform Bill was
published at the beginning of November and
runs to 552 pages. The Bill contains changes
designed to simplify and improve company law
especially for small companies.
Small companies will benefit from proposals
to:
-
make the law easier to
understand and more flexible
-
simplify company formations
-
abolish the need for
a company secretary
-
make AGMs opt in rather
than opt out
-
introduce new model
articles.
Other proposed changes which will affect
all businesses include clarification of directors’
duties and greater use of electronic communications.
Generally the publication of the Bill has
been well received. The Institute of Directors
described it as a ‘welcome step forward’.
Internet links:
For a summary of the contents of the Bill
go to:
sbs
news
The Institute of Directors’ comments
can be found at:
IOD
comment
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