The Companies Act 2014 came into force on 1st November 2014 after significant industry-wide consultation. A draft Companies Bill was issued as a Command Paper on 2nd December 2013 and subsequently published in the Gazette on 3rd April 2014.
It is fundamental for a jurisdiction such as Gibraltar to have a modern, flexible Companies Act, which reflects and streamlines current practices in Gibraltar. The Companies Act 2014 introduces amendments which improve Gibraltar company law in line with the requirements of the industry. The Companies Act 2014 incorporates provisions equivalent to those found in the 2006 Companies Act of England and Wales, as well as certain EU directives. It also codifies procedures which were taking place in Gibraltar as a matter of practice.
Hassans were the key legal advisers to Her Majesty’s Government of Gibraltar in the drafting of the new Act, along with Sir Peter Graham KCB QC, First Parliamentary Counsel. The Companies Act 2014 has taken over two years to come to fruition to ensure that it conforms fully to the Government brief. Partners Ian Felice and Gemma Vasquez led the Hassans team, with Chloe Oppenheimer and Gian Massetti assisting.
The new Companies Act 2014 comes into force on the same date as the Insolvency Act 2011. These two major pieces of legislation will entirely reform the companies’ regime in Gibraltar and will further assist in establishing Gibraltar as a key EU jurisdiction from which to do business.
See the Hassans Companies Act 2014 Briefing.