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Essay / Research Paper Abstract
The 2001 white paper modernising English company law contained no reference to any need to reform the law of group corporate activity. This 3 page discusses this with particular reference to the treatment of groups as a single entity also with the single economic unit argument. The paper considers the position and the role of case law that whish indicates the need for legislative reform. The bibliography cites 5 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEgroupr.rtf
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Unformatted sample text from the term paper:
later acts. However there are some areas of law that have failed to keep pace with commercial developments. Company groups are becoming more prevalent. Many commercial interests are
now part of multinational groups, with operations in may countries. Legislation has been introduced for these groups, but this has not been under company law, but tax law to ensure
tax avoidance opportunities are limited. Company groups and their activities, where all members of the group are domestic companies have been largely ignored, and it is here that there is
a greatest deal of scope for reform. The reality of many of these groups is a collection of interdependent business, that operate together, and it can be argued should be
seen as a single group rather than separated. It is also worth noting there is little interest in the EU law directives that will help with this (Weatherill and Beaumont,
2000). In groups of companies the default position is still that each company is a separate legal entity. There are a few exceptions to this rule, but these come
under tax law and look only at the financial standing and reporting of the company, where issues such as consolidated accounts have been tackled (Card et al, 1998). In the
recent white paper it is also only this area which has received attention, stating that if a parent or holding company owns 100% of the subsidiary company and is
prepared to take responsibly for a subsidiary, the account reporting procedures should be relaxed, allowing the annual accounting and auditing requirements to be mitigated (White Paper, 2001). However, this
is does not tackle the aspect of identity and the separate legal identity. It cannot be argued that this is a position in all countries, countries such as Germany
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