The Corporate Insolvency and Governance Act 2019-21 comes into force

30 Jun 2020

The Corporate Insolvency and Governance Bill 2019-21 has completed its passage through Parliament and received Royal Assent, and the Corporate Insolvency and Governance Act 2019-21 has been published.
 
As previously reported in the DMH Stallard coronavirus hub (which can be found here), a key objective of the Act is to provide businesses with the flexibility and breathing space needed to continue trading and comply with their legal obligations during the COVID-19 pandemic. The Act includes a number of measures to provide companies and other qualifying bodies with temporary relaxations of certain company filing obligations and requirements relating to Annual General Meetings and other meetings.

The Act also has measures temporarily relaxing parts of insolvency law in respect of a company director’s potential liability for wrongful trading until 30 September 2020 (with the possibility of extension), as well as limiting the use of statutory demands and providing for moratorium and restructuring arrangements.
 
Certain provisions of the Act, including those relating to wrongful trading, certain other insolvency law provisions, meetings and filings came into force on 26 June 2020.
 
The Act can be found at:
 
 http://www.legislation.gov.uk/ukpga/2020/12/pdfs/ukpga_20200012_en.pdf
 
If you require legal advice on any of these issues, you should get in touch with your usual contact in the DMH Stallard Corporate team, or Nick Williams at nick.williams@dmhstallard.com.
 

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