Reform and review

Trade Minister Sir Reg Empey announced sweeping reforms of Northern Ireland company law last week, asserting that the changes would benefit small businesses, which make up the majority of businesses in the province.

“Following the experience developed as a result of the Company Law Review in Great Britain, my department will proceed with plans to modernize local company law,” Empey said.

The ethos of this review is to simplify the legislation and to reduce duplication and unnecessary burdens on companies, according to Empey.

“It is vitally important that our companies have the right environment within which to operate as Northern Ireland works to become a modern economy,” he added.