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Thousands of businesses 'being freed from red tape'

Posted: 18th April 2013   In: Corporate Commercial

The Government says thousands of firms are being freed from red tape as result of its campaign to reduce business regulations.

The interim results from the Company and Commercial Law Red Tape Challenge show that half of the 115 regulations affecting the day to day running of businesses and filing of accounts are to be scrapped, merged or simplified.

Some of the main areas being covered include:

Ministers say that the Red Tape Challenge is already saving businesses more than £155m a year. So far, 1,400 regulations have been earmarked for scrapping or for being substantially reduced.

The Head of Corporate Governance at the Institute of Directors, Roger Barker, said: “Although the Companies Act 2006 consolidated and simplified many aspects of legislation and case law, it still remains largely the province of corporate lawyers and other specialists.

“With that in mind, we welcome the Government’s plans to develop straightforward and user-friendly guidance for directors, which will allow them to better understand important company documents, such as the articles of association, and their key legal responsibilities as company directors.”

Please contact Sarah Liddiard if you would like more information about the issues raised in this article or any aspect of business regulation.

Posted by: Sarah Liddiard
Corporate Commercial
Luton Office