This link gives an up to date account of the relationship between the ICA’s Blueprint Plan on legislation and this year’s UK developments. Essentially, we have the consolidation which it is hoped will become law by late 2013 (see My Blog Entry of early 2012) and the 2013 Budget announcement of a plan to review the limit on holdings of Withdrawable share capital in societies and to look at applying insolvency rescue procedures to societies as recommended here. See Linda Barlow’s Blog for an outline of the implications.
As usual with Budget announcements, the announcement was thin on detail:
“2.260 Co-operatives legislation – The Government will consult in summer 2013 on options for raising the limit on individual subscriptions for Withdrawable Share Capital in Industrial and Provident Societies (IPSs) and introducing insolvency procedures for IPSs and credit unions.”
See Budget 2013 at page 94.
So now we await the consultations in the “Summer”….. and maybe the Draft Consolidation Bill earlier than that?
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