Hopes still high for liability reform
Hopes are still high that auditors will be granted legislation to allow proportionate liability by contract, despite there being no mention in today's (Tuesday) Queen's Speech.
The speech included reference to the draft company law reform bill, which is designed to make it easier for start-up companies, and will include the long-delayed recommendations of the independent Company Law Review.
A DTI spokeswoman said that the bill would still make a suitable legislative vehicle for proportionate liability ‘should a consensus be reached on the issue’.
Auditors are hopeful that the government will make a positive announcement on the liability issue early in the New Year.
The only stumbling block is the likelihood of a General Election in the summer, which, when called, would kill any bills going through parliament. Should this occur, a more finalised version of the bill would appear after the election, if Labour is returned to power.