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Modernising Company Law  

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Introduction On July 15, 2002, the Secretary of State for Trade and Industry, the Rt. Hon. Patricia Hewitt M.P., presented to Parliament a White Paper (WP), Modernising Company Law Cm. 5553-1 and Cm. 5553-11, setting out the Government's proposals for simplifying and modernising Company law. This is the Government's response to the Final Report (FR), "Modern Company Law for a Competitive Economy", published in July 2001 by the Company Law Review Steering Group. It aims to provide a legal framework for all companies which reflects the needs of the modern economy and to ensure that framework can be kept up-to-date in the future.1 The law needs to be clearer, more certain and more accessible. The present framework has developed through a series of partial reviews and piecemeal alterations, making it increasingly bulky and complex. The way it is written makes it particularly difficult to identify those provisions which apply to...

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