Government aiming to streamline company law

January 31, 2012 Government aiming to streamline company law

As part of its Red Tape Challenge the government is asking for suggestions on how to simplify company and commercial law. Although the introduction of the Companies Act 2006 has changed the landscape dramatically in recent years the government feels there is more to do.

Although they have been accepting comments and suggestions on all areas of potential red tape since the start of the challenge, these three weeks constitute a focus on company and commercial law including:

• Internal workings of companies and partnerships: Rules on shares and share capital, requirement to hold information at business premises and rules on meetings and resolutions;
• Accounts and returns: The content, form and auditing requirements of financial accounts and other reports;
• Business names: The rules covering company names; and
• Disclosure of company information: The company secretarial requirements of Companies House.