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The Companies Act 2006 (c. 46) ... Part 15 Accounts and reports, ss 380–474; Part 16 Audit, ss 475–539; Part 17 A company's share capital, ss 540–657;
United Kingdom company law regulates corporations formed under the Companies Act 2006. Also governed by the Insolvency Act 1986, the UK Corporate Governance Code, European Union Directives and court cases, the company is the primary legal vehicle to organise and run business.
These may not be limited, waived or contracted out of, but companies may buy insurance to cover directors for costs in the event of breach. [3] The remedies for breaches of duty were not codified, but follow common law and equity, and include compensation for losses, restitution of illegitimate gains and specific performance or injunctions.
The Companies Acts 1948 to 1980 was the collective title of the Companies Act 1948, Parts I and III of the Companies Act 1967, the Companies (Floating Charges and Receivers) (Scotland) Act 1972, section 9 of the European Communities Act 1972, sections 1 to 4 of the Stock Exchange (Completion of Bargains) Act 1976, section 9 of the Insolvency ...
(3) In this section, and so far as applicable for the purposes of this section in the other provisions of this Part, "company" means— (a) a company, within the meaning of this Act, or (b) a company that is not such a company but is a statutory water company within the meaning of the Statutory Water Companies Act 1991 (c 58).
Company accounts must also be prepared in accordance with applicable company law (for UK companies, the Companies Act 2006; for companies in the Channel Islands and the Isle of Man, companies law applicable to those jurisdictions). Generally accepted accounting practice is a statutory term in the UK Taxes Acts. [1]
Companies Act 2006 ss 21, 112, 168 and 284, company constitutions, amendment, voting rights and removal of directors Model Articles, Sch 3, paras 3 and 34, model articles for public companies Companies Act 2006 ss 170–177, 260–263 and 419 (directors’ duties, derivative claims, report)
More recently, it has been suggested that both the tests of skill and diligence should be assessed objectively and subjectively; in the United Kingdom the statutory provisions relating to directors' duties in the new Companies Act 2006 have been codified on this basis. [17] s.174, Companies Act 2006; Re Barings plc (No.5) [1999] 1 BCLC 433