On 27 March the Department of Trade and Industry announced that the Company Law Reform Power contained in Part 31 of the Company Law Reform Bill is to be abandoned.  The proposal would have given the Secretary of State an ability to "fast track" company law reform, although there would have been some exceptions, for example with regard to taxation and criminal penalties.  Whilst it had been welcomed by some as an effective way of allowing Company Law to be readily updated, others felt that such reform would constitute a deviation of power from Parliament.

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