Thursday, December 29, 2011
The Gibraltar government has commissioned a draft bill to replace the territory's Companies Act, which dates back to the year 1930.
The announcement from the government follows its manifesto commitment and consideration of proposals for reform of the Act made by the Financial Centre Council, on the basis that it would improve the territory's standing as an international financial centre.
Commenting, the Minister with responsibility for Financial Services, Gilbert Licudi, said:
“The government is grateful for the extensive work carried out by the FCC Company Law Reform Committee and for the Committee’s proposals for the reform of the Companies Act.”
“We agree that it is time to replace the existing Act with a new Act which reflects modern practices.”
“The Companies Act is essential for the success of Gibraltar as a finance centre. The immediate steps taken by the government on this front is a reflection of the government’s commitment to the financial services industry.”