Govt introduces new Corporate Insolvency and Governance Bill

The Department for Business, Energy and Industrial Strategy has this week announced new measures designed to help relieve the burden on businesses during the COVID-19 outbreak.

The new Corporate Insolvency and Governance Bill will introduce temporary easements on filing requirements and AGMs; introduce new corporate restructuring tools to the insolvency regime to give companies the time they need to maximise their chance of survival; and temporarily suspend parts of insolvency law. There will also be temporary easements on filing requirements and AGMs will include more flexibility around when and how AGMs are held. Extensions to deadlines for confirmation statements, accounts, registrations of charges, and event-driven filings, such as changes to your company’s directors or people with significant control.

Introduced on Wednesday this week, the bill will now make its way through Parliament. Nothing will change until that legislation is introduced.

For companies that already know they will not be able to meet their accounts filing deadline, a three-month extension is available to those citing issues around COVID-19, but they must apply.

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