How will the Act affect existing companies?
It is not yet possible to state, in detail, how the Act will apply to existing companies. In August 2006, the Government conducted an informal consultation on transitional provisions for existing companies and early next year it intends to consult further on how the Act will apply to existing companies. In some respects, until the results of this further consultation are published, there will not be certainty as to what companies will need to do to prepare for the implementation of the Act. In general terms, though, the Act is intended to simplify and modernise current company law so that it meets today’s business needs, provides flexibility for the future and remains accessible for those who use it. The Government wants to bring company law into the twenty-first century, especially in relation to electronic communications. • How will the Act affect private companies? The emphasis of the current law will change so as to introduce, on the whole, a much simpler, more lightly regulated, r
