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Knight Keep it simple and set it freeju jur 2010 a5

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JOBNAME: Acta Juridica 10 PAGE: 3 SESS: 10 OUTPUT: Sat Apr 17 07:58:02 2010 /dtp22/juta/juta/acta−juridica10/ch01 Keep it simple and set it free: The new ethos of corporate formation PHILIP KNIGHT* The 2004 blueprint for corporate law reform promised South Africans a liberalised regime, in which simplicity and flexibility of corporate formation would be maximised, formality and administrative burdens would be minimised, and the categorisation and regulation of companies would be rationalised. The Companies Act 71 of 2008 advanced that promise, creating a framework regime for the simple, yet flexible formation, and the scalable development, of companies. But the Act reveals one of the many underlying tensions inherent in the goals of the reform project. In attempting to maximise flexibility, many of the procedures and mechanisms established by the Act for the formation of companies may have compromised the goal of elegance and simplicity. And, as with any new system, there is a risk that novelty itself may give rise to misunderstandings, making things appear more complex than they are. The space created by the Act has yet to be occupied in practice, and will not be fully understood until it is occupied and used. Among its explicit purposes, the Act cites both flexibility and simplicity of corporate formation, and it requires that it be applied in a manner that gives effect to those and other purposes. The regulations and forms, which have yet to be promulgated, will be ...
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