Margaret Hodge MP, Minister of State, Department of Trade and Industry, made the announcement at a meeting of the All Party Group.
Mrs Hodge said:
"We want to implement as much of the Act as possible by October 2007. But we intend to have completed the implementation by October 2008 which we judge is a realistic deadline.
It will allow the Companies Registry time to build a robust platform so provisions in the Act for registration and filing can be properly introduced. Mrs Hodge told members that this was a task not to be underestimated, but she was determined that October 2008 would not slip.
The Minister outlined a number of key points:
She will announce the timetable for commencement in February. The DTI will consult on proposals for transitional arrangements and on issues relating to secondary legislation before implementation.
For "guidance", attention was drawn to the Explanatory Notes already published by OPSI; see http://www.opsi.gov.uk/acts/en2006/ukpgaen 20060046 en.pdf
In relation to the duties of directors, statements which had been made by the Law Officers and other Ministers during the course of the Bill's passage through Parliament will be published. These statements can also be referred to in case of uncertainty as to interpretation in legislation.
The first Commencement Order was made on 20th December 2006, and under this the provisions of the Act dealing with electronic communication by companies would be effective from 20th January 2007.
In a Question and Answer session, the Minister acknowledged there had been "last minute" amendments from Government, often in response to professional groups and industry, designed to be helpful and achieve clarity.
Members of the Group expressed concerns to the Minister that UK companies were subject to, and sandwiched between, different jurisdictions and company legislation throughout the world. The Minister believed there was a degree of convergence occurring and that all current relevant EU legislation has been absorbed into the Act. Mrs Hodge noted that the UK was regarded by many countries as a leader in company legislation and was often contacted by states wishing to update company law.
Chairman Philip Dunne said "We welcome the DTI's plan to publish a timetable for implementation. Companies need to know where they stand and we hope the Minister will take on board many of the issues highlighted by practitioners at the All Party Group and beyond."
