The announcement for this theme was made on 27th February 2013, with 57 out of 115 regulations to be scrapped or improved. You can read the full announcement here, including news of important consultations.
Our aim is to maintain a company law framework that gives companies the flexibility to compete and grow effectively. An important part of this is ensuring that creditors, customers and suppliers have the information they need to do business with a company with confidence.
Over the last few years, the Department for Business, Innovation and Skills has worked with companies and their legal advisors to complete a significant review of company law. This resulted in the introduction of the Companies Act 2006. This new Act modernised and simplified company law and created a more flexible framework for companies to operate in.
However, there is more that can be done and we are now considering whether additional changes can be made to the audit regime to assist small and medium sized companies. We are also reviewing our approach to non financial reporting to avoid duplication and to make company reports clearer. We want to build on this work and the Red Tape Challenge is a unique opportunity to ask the public and companies of all shapes and sizes for their views on company and commercial law issues.
Company law is a big area, and so we’ve divided the regulations down into four categories so that you can comment on the areas that most affect you. We welcome all comments about the company law framework particularly information on what stops you doing business effectively and how we can reduce burdens and simplify. We would also like to know whether we could improve our guidance to companies. Meet our sector champions, Danielle Stewart (Baker Tilley), and Dr Roger Barker (Head of Corporate Governance at the Institute of Directors) here. To accompany this RTC theme, BIS have produced a discussion paper entitled: ‘Company Law – providing a flexible framework which allows companies to compete and grow’. You can read it here.
Workings of Companies and Partnerships
These regulations are about the internal workings of companies and partnerships.
Accounts and Returns
These regulations set out the content, form and auditing requirements of accounts companies have to produce.
Business Names
These are the rules covering the allowable names for companies carrying out business in the UK.
Disclosing Information about your Company
These regulations are about the information companies must supply to the official register.
You can find the old Company & Commercial Law discussion thread here.
This site is designed to promote open discussion of ways in which the aims of existing regulation can be fulfilled in the least burdensome way possible. The presence of a particular regulation or law on this website should not be read as implying any intention on the part of the Government to remove that regulation or law from the statute book. The purpose of this exercise is to open government up to the public.
