The new Companies Act represents the most fundamental reform of company law for more than fifty years. The law on private companies will be comprehensively revised to make it easier to set up and run such a company. There is a new statutory definition of directors' duties and liabilities, and new draft models of association. Much of previous company law will be repealed or amended by the Act. Key aspects of the legislation include: small business - restructuring the law to make it easier and more cost-effective to operate a small company; promotion of shareholder engagement - enhancing powers available to proxies and increasing the rights of indirect investors; reform of the audit system to increase auditor liability and enhance audit quality; codification of directors' duties; full statement of the law as it affects private companies; and reform and modernisation of company law as a whole. This timely book provides expert commentary on the key provisions of the Act, and how they will affect the practice of company law. It includes the full text of the Act.