“…the relationship between management and ownership in limited liability companies has tended progressively to be more and more shadowy. Even before the (second world) war, apprehension was expressed on this point, and remedies were then suggested, and, with the great growth in the size of companies, the old relationship, which really grew out of the idea of partnership, where individual owners were closely concerned themselves with the management, has largely disappeared in modern company structure. The growth of groups or chains of companies, which make the true economic entity rather than the company itself, where we get a whole complex of companies operating together—that factor has still further divorced management from ownership. This now well-developed tendency is, in fact, practically ignored by the company law as it exists today…” Hansard HC vol 438 col 585 (6 June 1947) Companies Bill, 2nd Reading, Sir Stafford Cripps, 585-588. Discuss the extent to which the above statement reflects the state of company law in the United Kingdom in 2012.