Back in Fashion

When it comes to company law whats good for the Brits doesnt automatically become good enough for Sri Lanka endash unless UK legislators adopt it first.
Lawmakers assigned to redraft the new Companies Act could be left waiting until Britain adopts a new law based on the Canadian Model.rn

rnSri Lankas 55-year-old Companies Act, another colonial legacy, is long over due for a revamping or as some experts say a replacement. rn

rnThe replacement that came along in 2003 by dint of years of hard work however, got nowhere because its New Zealand origins were considered less preferable to the British.rn

rnThe legal experts were told to go back to the drawing board and produce a sufficiently British copy to fit in with the rest of the local British (legal) heritage.rn

rnWhat was overlooked was that the New Zealand Companies Act had its roots in the Canadian model that is considered more adaptable to change.rn

rnNow the British – who have been amending their company law regularly – want to replace it