Companies-Act-1989-Definition-&-Overview

What is the Companies Act 1989?

The 1989 Companies Act oversees changes in UK company law related to company accounts, fair trading, and investigation procedures. It enhances current company regulations by introducing new rules on company auditor qualifications, company charges registration and other aspects.

 

 

Companies Act 1989: A Quick Overview 

The Companies Act 1989 brought in various modifications and revisions to multiple Acts of Parliament regarding UK company law. These include the Companies Act 1985, the Company Securities Act 1985, the Financial Services Act 1986, the Fair Trading Act 1973, the Policyholders Protection Act 1975, and the Company Directors Disqualification Act 1986. 

Similar to the earlier Companies Act 1985, this one was also created to streamline current legislation, incorporating certain directives already present in the European Union.

Here are some ways this act amended and enhanced previous laws:

  • Altered regulations concerning company accounts
  • Introduced fresh provisions regarding eligibility criteria for company auditors
  • Modified laws outlined in the Companies Act 1985, especially regarding ‘powers to obtain information’ and investigation procedures.
  • Granted new powers to offer assistance to regulatory authorities abroad
  • Implemented fresh provisions concerning the registration of company charges
  • Altered the applicability of laws outlined in Section 62 of the Financial Services Act 1986, introducing a new regulatory framework aimed to be simpler yet more flexible.
  •  Modified Part V of the Fair Trading Act 1973
  • Introduced provisions to protect specific aspects of operation in certain financial markets
  • Enabled the transfer and recording of title to securities without requiring a written instrument
  • Amended laws concerning building societies

 
 
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Senior Partner at Vanguard Insolvency Practitioners | Website | + posts

I am an insolvency professional with a distinguished career specialising in commercial insolvency, adeptly navigating Creditors Voluntary Liquidation, Company Voluntary Arrangements, and Company Administrations. With a comprehensive understanding of insolvency laws and an unwavering commitment to ethical practices.