Company law changes promise reduced red tape

Proposed new legislation will cut down on red tape for businesses in Northern Ireland, the Government has said.

Enterprise Minister Angela Smith said the Company Law Reform Bill will consolidate the UK's position as one of the best places in the world to set up and run a business.

The Bill will make major changes and improvements to company law and will see it move onto a UK-wide footing with the creation of the UK company entity to replace the Northern Ireland and GB company entities.

"This is a very important piece of legislation that will allow Northern Ireland businesses, for the first time, to benefit from de-regulatory and improvement measures at the same time as companies in GB," Mrs Smith said.

"The Company Law Reform Bill will make setting up and running a business much simpler. It will also make company law a lot easier to understand and more flexible, especially for small businesses."

The goverment's reforms regarding company legislation are designed to reduce red tape as well as promote shareholder engagement and provide clarity by restructuring those parts of company law most relevant to small businesses.

It will also set out simpler rules for forming a business and new model articles of association.

The Bill also includes a company law reform power to allow faster updating and amendment of company law in the future.


Related Northern Ireland News Stories
Click here for the latest headlines.

12 March 2020
Budget: Extra £210m For NI Public Services
Business and political leaders have been giving their reactions to the Budget, with an extra £210 million allocated for public services in Northern Ireland. The Chancellor, Rishi Sunak, yesterday pledged a £12 billion package of measures aimed at tackling the spread of coronavirus across the UK.
23 March 2020
NI Hospice Chief In Call For Vital Supplies
The Northern Ireland Hospice is demanding intervention by the Northern Ireland Executive to ensure provision of vital supplies for palliative care services. Hospice chief Heather Weir said they are facing difficulties accessing protective equipment for both the Adult and Children's Hospice.
12 March 2020
Eastern Airways Saves Belfast-Southampton Route
Flights from Belfast City Airport to Southampton have been saved by Eastern Airways. The airline stepped in to fulfil the busy route after announcing on Monday that it was creating a six-times weekly Belfast to Teeside International Airport flight. The daily Southampton flights are now available for booking and will begin on Monday 23 March.
12 March 2020
Coronavirus: BCC To Hold Special Meeting
Belfast City councillors are to convene in a special meeting to assess the growing threat of coronavirus. It comes after it emerged that protection measures are to be stepped up in the Republic of Ireland, with all schools, colleges and childcare facilities to close. A total of 20 cases of the virus have been confirmed in Northern Ireland.
10 March 2020
Covid-19: Four New NI Cases
Four new coronavirus cases have been confirmed in Northern Ireland. The Department of Health said the presumed positive cases are all adults. One individual had recently travelled from northern Italy while three others can be traced to previously reported cases of those who recently visited the region.