Concerns over incoming Companies Act
While the Companies Act appears to do little to alter directors duties under the law, its application could pave the way for new litigation
Described as the most radical reform of UK company law in over 20 years, the Companies Act 2006 received Royal Assent on 8 November 2006, although its provisions will not all be in force until October 2008.
Key new provisions include a statutory statement of directors' general duties, and a right for shareholders to bring claims against directors for negligence and other defaults. The statement aims to clarify what is expected of directors and requires directors to: act within the company's power
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