Those of you with long memories will recall that the DTI launched this review in March 1998, when a Company Law Review Steering Group was set up to develop a simple, modern, efficient and cost effective framework for carrying out business activity in Britain for the twenty-first century.
This committee presented its recommendations in 2001, but it wasn't until the publication of the White Paper – Company Law Reform in 2005 that it became clear that the Government intended to take action to implement these recommendations.
The publication of the Company Law Reform Bill in November 2005 was the start of the process to turn the recommendations from 2001 into reality.
This Bill – all 518 pages of it – was published and debated in the House of Lords and in the House of Commons.
Following pressure from all sectors, the Company Law Reform Bill became the Companies Bill in August 2006, when the provision of the Companies Act 1985 were consolidated into it.
The Companies Bill received Royal Assent on 8 November 2006 and became the Companies Act 2006. With 701 pages, 1300 clauses and 16 schedules it is the largest Act ever passed by Parliament.
The Act will be implemented in stages, with it being fully implemented by October 2009.
Further reading
- Company Law Reform Bill - version as sent back to the House of Commons by the House of Lords - 24 May 2006
- Company Law Reform Bill – amendments to be debated in House of Lords
- Company Law Reform Bill – version with House of Lords Grand Committee amendments 25.04.06
- Company Law Reform Bill – version debated by House of Lords 01.11.05
- Company Law Reform Bill – explanatory notes
