Explanatory note

This Order modifies the requirements of the Companies Act 1985 relating to the preparation of accounts and related documents for the purpose of their application to oversea companies. It also exempts oversea companies from the requirements listed in the Schedule to the Order. Certain oversea companies with unlimited liability are exempted altogether from such requirements of the 1985 Act.

The Order revokes and remakes the Oversea Companies (Accounts) (Modifications and Exemptions) Order 1982 to reflect, with minor exceptions, the consolidation in the 1985 Act of the provisions referred to in the 1982 Order. The Order also disapplies the amendments made by the Companies Act 1989 to such provisions in relation to oversea companies. The provisions of this Order are subject to the transitional and saving provisions relating to such companies which are provided in the Companies Act 1989 (Commencement No.4 and Transitional and Saving Provisions) Order 1990 (S.I. 1990/355).