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Company Law Reform Bill [HL]

I am sympathetic to the reasoning behind the amendments. We recognise that it may be onerous to require an overseas company that has already produced and audited accounts and reports to prepare another set. Indeed, we will listen carefully to what people have to say in response to the planned consultation on the overseas provisions, and it is entirely possible that the end result will be just as the amendments suggest. In the mean time, however, in considering what provision is needed to make regulations under Part 25, we have tried to maintain the flexibility to replicate the current requirements of the Companies Act 1985 as regards accounts and reports. I hope with that assurance that the noble Lord will not press his amendment.