The Corporate Insolvency and Governance Bill received royal assent on 25th June and the measures of the Act are in place as of 27th June. The Act has been introduced to relieve the burden on businesses during the coronavirus outbreak.
The Act
Measures of the Act include:
– The introduction of temporary easements for Annual General Meetings
(AGMs) and filing requirements for public limited companies (PLCs)
– The introduction of new corporate restructuring tools to the insolvency
regime to give companies the time they need to maximise their chance of
survival
– The temporary suspension of parts of insolvency law to support directors
during the crisis
Secondary Legislation
Secondary legislation introduced as a result of the Act grants companies automatic extensions for:
– Confirmation statements
– Registration of charges
– Event-driven filings, such as changes to company officers
– Filing of accounts for most companies
It should be noted that if you have already extended your accounts filing deadline, you may not be eligible for an extension. The extensions are a temporary measure and the deadline will not be extended next year if it falls on or after 6th April 2021.
