The Government has announced a two-phase process seeking to reform corporate governance laws.
In the first phase the Government is looking to update corporate legislation to reflect modern business practices, make compliance simpler and deter and detect poor business practices. In other words, this phase seeks to resolve uncontroversial problems to improve the performance of our corporate legislation, and aspects of our insolvency law. The bill for these proposals is expected to be introduced in early 2025. We summarise the proposed key features below.
In the second phase, there will be a Law Commission review of directors’ duties, liability, offences, penalties and enforcement. This was announced…
