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take place every twenty years. 72 This policy is to ensure that company and
insolvency law are up to date as well as reflecting current developments in
commercial activities. 73 Other jurisdictions may not have a fixed time frame to
review the law, but have done so as and when the need arises.
In 1906, the Loreburn committee was appointed to review the winding up law, and
consistent with the trend of company‟s responsibility approach at the time, the
committee made some recommendations on creditors‟ protection.
Recommendations made by the committee were largely adopted and implemented in
the Companies (Consolidation) Act 1908. 75
The Greene Committee in 1925 was later given the task of looking into issues of
fraud and dishonest dealings by companies. 76 Recommendations by the Committee
were adopted in the Companies Act 1929, and consistent with the trend to have
major reforms every twenty years, in 1945 the Cohen Committee made
recommendations which were adopted and implemented in the Companies Act 1947
and 1948. The 1948 Act failed to address the issues of fraudulent and dishonest
directors in insolvent companies. 77 The Jenkins Committee in their 1962 report made
detailed recommendations for improvements where directors were found to be
reckless or incompetent in their actions but most of the recommendations were not
implemented by the government. 78
72 Farrar and Hannigan above n7 at 21.
73 Ibid.
74 See Report of the Review Committee on Insolvency Law and Practice (Cmnd 8558, 1982 at [86]
[Cork Report].
75 Ibid.
76 Ibid.
77 Ibid at [97].
78 Ibid at [1761].
74
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