White Paper: Modernising company law
The Department of Trade and Industry has kicked off the legislative process on modernising the UK's antiquated company law with the publication of a White Paper.
It is four years now since Margaret Beckett launched an independent review of company law in 1998. The three-year independent review revealed its findings in July 2001 and the White Paper, for the most part, has taken on board the independent steering group’s recommendations.
But the White Paper is just the beginning of a further round of consultations and debates before the UK gets a set of company laws that remotely reflects business in the 21st century.
Two more rounds of consultation have to be undertaken before a bill is produced. Competition minister Melanie Johnson said, when she announcing the White Paper: ‘The government does not want to commit itself to a particular timeframe’.
But she did confirm a new company law will materialise ‘during the life of this parliament’.
Scroll down and click on the headlines to follow the developments of the White Paper: