The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act.
The measures in this Act will relieve the burden on businesses during the coronavirus (COVID-19) outbreak and allow them to focus all their efforts on continuing to operate.
The Act includes:
- Introducing temporary easements for Annual General Meetings (AGMs) and filing requirements for public limited companies (PLCs)
- Introducing new corporate restructuring tools to the insolvency regime to give companies the time they need to maximise their chance of survival
- Temporarily suspends parts of insolvency law to support directors during this difficult time
In addition, most companies will also be given more time to file their accounts.
Read more on the Government’s website: Corporate Insolvency and Governance Bill