Companies Act 2006: A Quick Overview
The Companies Act 2006 stands as the main company law in the UK. It’s the lengthiest act ever passed by the British Parliament, comprising 1,300 sections across 700 pages.
The contents list extends to 59 pages. Although it included 16 schedules initially, the Corporation Tax Act of 2009 has replaced them since.
The act’s provisions were phased in gradually, with the last one enforced in October 2009.
Nearly every aspect of UK company law changed, with the following being key components of the act:
- Introduced fresh regulations for both public and private companies.
- Enforced the European Union’s Transparency Obligations and Takeover Directives.
- The act consolidated many existing common law principles, including those concerning directors’ duties.
- Amended or restated nearly all aspects of the Companies Act 1985.
- Established a single unified company law regime for the entire UK, replacing the previously used system.
- Unified company law across the entire UK, replacing separate systems for Northern Ireland and Great Britain.
If you have any questions about UK company law or business recovery, please don’t hesitate to send us a message. Alternatively, you can call us for free and confidential advice.
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