THE Companies Act 2006 has caused considerable confusion among 75 per cent of directors and company secretaries while failing to reduce their administrative workload.
That is the finding of research carried out by Jordans, the south west company that entrepreneurs use to help them establish their businesses.
Janis Law, group chief solicitor at Jordans said: "Unfortunately, the concerns that many business leaders had this time last year have proved to be correct and it is seen by the vast majority of the key people involved as a far from satisfactory piece of legislation.
"They certainly do not think it has lived up to its promise."
About a quarter (24 per cent) said the act was partially achieving its aim to make the system simpler but there would have to be some pain and cost to change before benefits could be achieved.
Only six per cent said the measures implemented so far had cut red tape and simplified company administration.
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