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Essay / Research Paper Abstract
It has often been stated that the courts have traditionally interfered too much in the field of company law. This 9 page paper considers whether or not The Companies Act 2006 reduce the need for court intervention by providing a coherent and comprehensive statutory code. This is discussed using two areas of the new act as the discussion point; duty of directors and environmental reporting. The bibliography cites 5 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TECA2006.rtf
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Unformatted sample text from the term paper:
comprehensive statutory framework. In November 2006 The Companies Act 2006 was passed, this is the first major overhaul of company law in a generation (Borrie and Stojanovic, 2008). It is
generally being presented as a revolution, changing the way that companies are regulated in order to overcome many of the existing difficulties and complexities by creating a more solid framework
for company law (Birds, 2007). It has been claimed by the government that the new legislation will simplify the running of private companies as well as increasing the level of
shareholder engagement seen with the management and accountability of quoted companies (Birds, 2007). The act is being introduced in tranches and full implementation is not expected to take place
until 1 (Borrie and Stojanovic, 2008). It is interesting to note that the law is not fully finalized as the legislation gives the government power to make further
regulations with consultation (Freshfields Bruckhaus Deringer, 2006). This legislation is replacing the majority of The Companies Act 1985 and may be seen
as a major improvement on the 1985 act in many areas, but in terms of being seen as a revolution the act can be argued as being oversold, it is
more of an evolution rather than a revolution (Birds, 2007). The benefits and impact which may help to keep many of the cases out of the courts can be appreciated
by looking at two specific areas of law; the duties of directors and environmental reporting. The actors being introduced gradually, one of the first parts of the act to take
effect at the directors duties which have been extended to include environmental impact considerations. The act states that the directors have a responsibility to act in good faith in order
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