FFW warns that UK companies are still unclear on the impact of the Companies Bill
06 November 2006
Field Fisher Waterhouse LLP (FFW) warns that businesses are
still unclear on the impact of the Companies Bill. The Bill
proposes a significant revision of company law and will affect all
UK companies. However, with all parts of the Bill not now expected
to be in force until October 2008, many attendees at the
recent FFW seminar on the new Companies Bill were understandably
still getting to grips with what it will mean for them.
The Bill is due to receive Royal Assent this month and will be
one of the largest ever Acts of Parliament. With over 1200
sections, the Bill will mean a re-structuring, amending and
re-stating of most existing UK company law.
The Bill’s objective is to provide a simple, efficient and
cost-effective framework for UK business in the 21st century. For
the first time, there will be a statutory codification of a
director’s duties that introduces the concept of “enlightened
shareholder value”.
The Bill has been subject to a lot of debate about how it will
impact upon the risks involved in being a director of a UK company
and all company directors and advisers will need to familiarise
themselves with the changes.
Over 100 people from a broad range of businesses, including
well-known household names, attended FFW’s seminar on the new
Companies Bill. The seminar was designed to bring attendees
up to speed on the implications of the Bill and featured talks from
FFW’s Corporate and Commercial Litigation departments.
Speakers included corporate partners, Nigel Taylor, Andrew Blankfield,
Andrew Evans,
and Anthony
Brockbank and litigation partner, Simon Moore.
Corporate partner, Andrew Blankfield said:
“This is a major piece of legislation effecting every company based
in the UK. Considering the large numbers who attended our
seminar it is clear that businesses still need to familiarise
themselves with these major changes and the impact they will
have.”
For further press information, please contact:
Louise Eckersley, PR Manager on +44 (0)20 7861 4120