Companies Act 1993

An Act to reform the law relating to companies, and, in particular,—

(a) to reaffirm the value of the company as a means of achieving economic and social benefits through the aggregation of capital for productive purposes, the spreading of economic risk, and the taking of business risks; and

(b) to provide basic and adaptable requirements for the incorporation, organisation, and operation of companies; and

(c) to define the relationships between companies and their directors, shareholders, and creditors; and

(d) to encourage efficient and responsible management of companies by allowing directors a wide discretion in matters of business judgment while at the same time providing protection for shareholders and creditors against the abuse of management power; and

(e) to provide straightforward and fair procedures for realising and distributing the assets of insolvent companies