ABSTRACT
Leading the campaigns to preserve secrecy in company affairs were those small businessmen and their professional representatives who favoured corporate identity for all classes of enterprise. The non-public nature of many company formations has long been remarked. Most accounts of the development of company law identify either capital or government as the most significant forces shaping policy in this area. The private company lobby became particularly active around the time of the Royal Commission in defending the rights of private incorporators. The other innovation introduced to the debate on company law by the Companies Bill of 1888 was with respect to the personal liability of directors. The influence of the private company lobby is apparent in the debates on the 1888 Bill. Reform of English company law, particularly insofar as it sought to impose stricter reporting requirements on companies and stiffer penalties and increased civil liability for the malfeasances of promoters and directors, thus proceeded slowly.
