The Company Insolvency and Governance Act acquired royal assent on 25 June.
We’ve labored at an extraordinary tempo with colleagues at the Division for Enterprise, Vitality and Industrial Technique (BEIS) to progress the laws via the mandatory phases during the last two months.
These new legislative measures will assist to additional relieve the burden on companies throughout the coronavirus (COVID-19) outbreak in order that they’ll focus their efforts on retaining their companies working.
What the Act means for corporations
We recognise the intense disruption that the coronavirus outbreak has brought on throughout the UK and we need to do all we can to assist corporations throughout this tough time.
The Act will:
- grant an computerized extension for affirmation statements, event-driven filings and registrations of mortgage prices, and provides most corporations extra time to file their accounts
- enable extra flexibility round when and the way annual basic conferences (AGMs) are held
- introduce new company restructuring instruments to the insolvency regime to provide corporations the time they should maximise their probability of survival
- quickly droop components of insolvency regulation to assist administrators throughout this time
Learn our steerage on:
- the changes that came into effect on Friday 26 June – together with adjustments for public restricted corporations (PLCs) with an accounts submitting deadline between 26 March 2020 and 29 September 2020
- the changes that came into effect on Saturday 27 June for private companies and other company types
This comes along with the opposite measures we have carried out over the previous few months. These embrace granting an computerized accounts submitting extension for many corporations who utilized earlier than this Act got here into power, and easing our strike off and prosecution exercise.
Sustaining our companies for patrons
Our work on the Company Insolvency and Governance Invoice and the opposite measures we’ve launched has been essential, however there have been plenty of different adjustments too.
My largest precedence has at all times been, and can proceed to be, the welfare of our staff. This has been rigorously balanced with ensuring that we proceed to offer a good service by listening to our prospects and stakeholders and doing every part we will to assist them throughout this tough time.
We had some enormous challenges to resolve firstly of this disaster. A lot of our groups have been already absolutely geared up to do business from home which meant that the transition to distant working for some colleagues was pretty simple.
Nonetheless, some colleagues had by no means labored from house and weren’t arrange to take action, and we additionally wanted to urgently cut back the volumes of paper coming in to all our workplaces.
We labored rapidly to implement options, and the important work we’ve executed on remodeling our tradition during the last couple of years stood us in nice stead to deal with these challenges.
A few of our options embrace:
- offering each colleague with distant working tools in order that solely a restricted variety of individuals wanted to be within the workplace at anybody time
- our new ‘upload a document to Companies House’ service to allow on-line submitting for sure transactions that would beforehand solely be filed on paper
- running all our networks and regular events remotely in order that colleagues proceed to really feel supported, included and related
We adopted our new ‘adaptable, daring and curious’ behaviours final yr, and my colleagues amaze me day by day with the way in which they actually live by these behaviours. Their willingness to attempt new approaches and share concepts has been extra vital than ever whereas we’ve been making an attempt to tackle these huge challenges.
Working rapidly and collaboratively has enabled us to attain loads throughout this tough time, and we are going to construct on this as we transfer into the subsequent part.
What the long run appears like
We’re nonetheless working to make certain that prospects can file as a lot as attainable with us on-line, and work on our add service will proceed over the subsequent few weeks.
Though we’ve now began what our long run response will probably be, we’re not growing the variety of colleagues in our workplaces simply but.
You may actually assist us to cut back the paper coming into our workplaces by filing online each time you’ll be able to. Submitting on-line has nice advantages for buyers too, comparable to built-in checks and an immediate acknowledgement.
Within the meantime, you can discover all the newest updates about our companies on our coronavirus guidance page.
This has been an unprecedented problem for us all, and we are going to proceed to do all we will to assist companies over the subsequent few weeks and months.