GOVERNMENT DEMONSTRATES COMMITMENT TO REDUCE COMPLIANCE COSTS

The referring of the Business Law Reform Bill to the Commerce Select Committee is further proof of the Government's commitment to continually reduce compliance costs, Enterprise and Commerce Minister Max Bradford says.

The Bill, which received its second reading on 7 October, contains a number of amendments to a wide range of business law statutes.

The changes increase the efficiency of legal processes which businesses are subjected to, make the law clearer or fix anomalies in the law that have emerged over time.

Mr Bradford said the Bill was the result of the Government listening to the business sector and acting.

"For example, the Bill reduces the amount of paperwork needed to transfer shares by removing an anomaly in the Companies Act which requires paper share certificates to be presented when transferring shares. This means share transfers can take place wholly electronically.

"The Business Law Reform Bill is part of an ongoing process which will result in the incremental improvement of business law statutes.

"I hope the Business Law Reform Bill will become a regular feature of the legislative programme," Mr Bradford said.