The Company Law Review Group is in the process of consolidating all previous company law legislations to form one single body of company law. There are numerous advantages to completing such a tedious task, with simplicity and time management being two of the most basic. Other examples are discussed below in more detail. Also discussed below is one major area that will be altered under the new Companies Consolidation and Reform Bill (herein after called 'the Bill') and that is the formation and incorporation of companies. There are changes to the documentation involved in such a process and the rules of such. The law as it stands at the moment is discussed in this paper including the flaws of current law and the advantages, if any, of the proposed legislation and the changes it brings.
There is a great need to consolidate company legislation, advantages are plentiful and are discussed below. One clear disadvantage of present law is that the sheer volume of it at the moment means it is almost unworkable. Company law has been one of the most dynamic areas of law since the 1960's, both with regard to case law and legislation. There is a need for the constant changes that have occurred to the present day to be consolidated into one text for transparency and convenience as stated above. The volume of legislation at the moment is still far greater than the large Bill being developed. Also, the current law needs updating, as Keane states the current law is "an 'antique mould' far removed from the reality of Irish commercial life.".
It could result in smaller private companies adhering to the provisions of company law to a greater degree. The law is so vast that it can panic or intimidate smaller companies who simply do not know how to approach it in the first place. Therefore a single more approachable statutory code with all provisions in the one place, which is easier to search, could lead to greater chances of smaller private companies fulfilling their company law obligations.
