The Isle of Man government announced last week that the Steering Group on Company Law Reform has issued a consultation document seeking views on the proposed shape and extent of the forthcoming reform of the Island's company laws.
The Steering Group (which comprises the jurisdiction's Chief Financial Officer, the Attorney General, and the Chief Executive of the Financial Supervision Commission) was created following Treasury Minister, Alan Bell's observation during his February budget speech that:
"“I am...conscious of the views expressed from a number of quarters of the need for a thorough review of the Island’s company law to enhance our competitiveness whilst maintaining our hard won reputation as a high quality, well regulated jurisdiction."
In addition to setting out the case for reform, the consultation document lays out a number of options for the scope of reform, ranging from the consolidation of all of the Companies Acts into a single Act, to the retention of the existing corporate law framework, coupled with the creation of a new 'international company' corporate entity.
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