Tuesday, 19 February 2013

Isle of Man: Treasury begins consultation on company law consolidation and reform

The Isle of Man Treasury has published for consultation a draft Companies Bill 2013 and draft Foreign Companies Bill 2013. The purpose of the Companies Bill 2013 is to consolidate and update the existing company law framework (as found in the Companies Acts 1931-2004). A stand alone Foreign Companies Bill 2013 is proposed to replace Part XI of the Companies Act 1931.

An overview of the consolidation and proposed changes is available here (pdf). The draft Bills are available here. A table of derivations is available and this usefully identifies new provisions: see here (pdf). Amongst the changes being proposed is the codification of directors' duties (along the same lines as the UK's Companies Act 2006) and the introduction of a statutory procedure for bringing a derivative claim on behalf of the company.

No comments: