::
VIP Payroll:: NEW COMPANIES BILL
New Companies Bill and changes in the business environment
The New Companies Bill which is expected to be tabled
early in 2008 has been received with mixed reaction
by businesses. The New Companies Bill will replace the
current Companies Act, and is the first considerable
effort to change legislation which has remained the
same for three decades:
- It is seen as total change of company law which
many feel has been long overdue.
- New types of enterprises are introduced to cater
for the changing business environment.
- The existing distinction between a private and
public company will be abolished. The implications of
this remain to be seen in future.
New descriptions
Companies will receive new descriptions and all of
this will also hold tax implications. Even the manner
in which companies are created will change. A complete
new way of managing companies will take effect. Another
area which is affected by the New Companies Bill is
that of mergers and acquisitions. Specific regulations
will govern the above.
Improved control
Transparency will be promoted, and more control over
directors gained, as the requirements for financial
reporting will be stepped up. At the same time, smaller
companies will benefit through the flexibility provided
to them.
Rescue of businesses
The idea is also to introduce a change the way in which
liquidation takes place through a replacement of the
current method by a rescue system. This will ensure
fewer cases of liquidations in future. It is definitely
something to look forward if your company goes through
a tough time.
Keep informed by attending one of the Softline VIP
seminars which also addresses the New Companies Bill.
Contact them via their website to book your seat.
|
