THE Department of Economic Development has announced today that it will be actively supporting a review, consolidation and update of the 1931 Act company law and insolvency legislation.
“It will be done to keep the Island at the forefront of international finance centres,” said a statement.
The Treasury retains responsibility for making the legislation but will be taking this forward with the backing and collaboration of the Department of Economic Development.
The review of the legislation will ensure that the Isle of Man continues to thrive as a premier Finance Centre. The changes made to the legislation will allow the Isle of Man to continue to meets its international obligations, whilst ensuring that unnecessary obstacles to doing business are eliminated.
The Department of Economic Development also announced that the Companies Registry systems are to be updated, to ensure that the Isle of Man has a Companies Registry that will ensure the highest levels of service are promoted and maintained.
Both the reviews of the legislation and the introduction of new Companies Registry systems are being assigned the high priority that they merit.
Commenting on the review, Minister for Economic Development, Allan Bell MHK, said, “The review is being undertaken in order to ensure that the Island is best equipped to remain competitive and to promote business in the Isle of Man.
“We are already aware that there is support for modernisation as there are aspects of the current legislation that are outdated or unworkable. The ultimate objective of this process is to keep the Isle of Man competitive and help maintain its status a key international finance centre.”
Political Member with responsibility for Financial Services and Companies Registry, Juan Watterson MHK added, “Initial discussions have been ongoing for some time which has resulted in general themes and areas of known concern already being identified.
“The Department of Economic Development and the Treasury will be seeking to work with business representatives and regulators, demonstrating that we will work to the highest international standards whilst ensuring local businesses are not bound in unnecessary red tape.”
Minister for the Treasury, Anne Craine MHK, confirmed that she was pleased that the matter is being addressed and welcomed the support of the Department of Economic Development.
Mrs Craine said that she was “delighted that this was yet another example of government working together for the benefit of the Island as a whole and she looked forward to ensuring that the momentum for both projects was maintained.”
