Introduction

It has been a lengthy process but finally the new Companies Act has been issued. It is the longest piece of legislation ever to have been passed by parliament and at over 700 pages that is not the end of it! Further consultation on many of the detailed provisions is now taking place and the government has announced its intention to commence all parts of the Act by October 2008. In this briefing we consider some of the main practical changes you can expect to see that will affect you and your company.

Looking back

The company law reform process began as far back as 1998, with an independent review. White Papers followed in 2002 and 2005 and a Bill was eventually published in November 2005. The Act itself finally received Royal Assent on 8 November 2006.

The overall objectives

The government's overall objectives were to simplify and modernise company law so that it better meets today's business needs and provides flexibility for the future. While the reform process aimed to 'think small first', the resulting legislation has an impact on directors, auditors, shareholders and company secretaries of private, public and quoted companies.

The Act itself has been written in simplified language, with a particular focus on small business.

We offer a comprehensive service to all types of businesses and individuals, and have the benefit of membership of the UK200 Group of Practising Accountants, enabling direct access to expertise in areas outside our normal work.

Regulated to carry on audit work for a range of investment business activities by the Institute of Chartered Accountants in England and Wales

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