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Companies Act 2006 Definition & Overview
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An overview of the Companies Act 2006
The Companies Act 2006 is an act of parliament that currently serves as the primary source of company law in the UK. This particular act has the distinction of being the longest in the history of British Parliament, containing 1,300 sections that span over 700 pages, with a list of contents that is 59 pages long. The act also contained 16 schedules, but those have since been superseded by the Corporation Tax Act of 2009.
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The provisions of the act were implemented gradually in stages, with the final provision being put into force on October 2009. Changes were made to almost every aspect of UK company law, but the following are the key components of the act:
- Introduced new provisions for public and private companies
- Implemented the European Union’s Transparency Obligations and Takeover Directives
- Codified numerous existing common law principles, including those related to directors’ duties
- Amended or restated almost all aspects of the Companies Act 1985
- Applied a single unified company law regime for the entire UK, replacing the previously used
- Separate systems for Northern Ireland and Great Britain
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