Decree to bring changes to company laws in Fiji
December 5, 2012 12:13 am
The Government is preparing the Company Decree 2012 that will change some of the country’s company laws.
Speaking at the second round of public consultations in Suva this morning, Attorney General, Aiyaz Sayed-Khaiyum said all companies must be registered under the new decree by next year.
Australian consultant, Bruce Cowley said the main objective of bringing about the changes is to adopt modern business practices including sound governance principles.
Cowley, a partner with MinterEllison Lawyers in Brisbane, said the Government has identified loopholes in the Company Act and there is a need to make a lot of amendments.
He said the Decree will bring possible changes in corporate governance and the Fiji market in the short to medium term.
Cowley said the Company Decree of 2012 will incorporate components of the Companies Decree Regulation of 2012 and Companies Winding up rules 2012.