The Company Insolvency and Governance Act obtained 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 by the mandatory levels over the past two months.
These new legislative measures will assist to additional relieve the burden on companies through the coronavirus (COVID-19) outbreak in order that they will focus their efforts on maintaining their companies working.
What the Act means for corporations
We recognise the intense disruption that the coronavirus outbreak has prompted throughout the UK and we need to do all we can to assist corporations throughout this troublesome time.
The Act will:
- grant an automated extension for affirmation statements, event-driven filings and registrations of mortgage expenses, and provides most corporations extra time to file their accounts
- permit extra flexibility round when and the way annual normal conferences (AGMs) are held
- introduce new company restructuring instruments to the insolvency regime to offer corporations the time they should maximise their probability of survival
- briefly droop elements of insolvency legislation to assist administrators throughout this time
Learn our steering on:
- the changes that came into effect on Friday 26 June – together with modifications 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 couple of months. These embody granting an automated 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 providers 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 a number of different modifications too.
My greatest 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 supply a sensible service by listening to our clients and stakeholders and doing every thing we are able to to assist them throughout this troublesome time.
We had some big challenges to resolve at first of this disaster. Lots of our groups have been already absolutely geared up to work at home which meant that the transition to distant working for some colleagues was pretty easy.
Nonetheless, some colleagues had by no means labored from dwelling and weren’t arrange to take action, and we additionally wanted to urgently cut back the volumes of paper coming in to all our places of work.
We labored shortly to implement options, and the very important work we’ve performed on reworking our tradition over the past couple of years stood us in nice stead to deal with these challenges.
A few of our options embody:
- offering each colleague with distant working tools in order that solely a restricted variety of folks 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 best way they really live by these behaviours. Their willingness to attempt new approaches and share concepts has been extra vital than ever whereas we’ve been attempting to tackle these monumental challenges.
Working shortly and collaboratively has enabled us to realize so much throughout this troublesome time, and we are going to construct on this as we transfer into the subsequent part.
What the long run seems to be like
We’re nonetheless working to make positive that clients can file as a lot as potential 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 rising the variety of colleagues in our places of work simply but.
You possibly can actually assist us to cut back the paper coming into our places of work by filing online each time you may. Submitting on-line has nice advantages for buyers too, akin to built-in checks and an instantaneous acknowledgement.
Within the meantime, you can discover all the most recent updates about our providers on our coronavirus guidance page.
This has been an unprecedented problem for us all, and we are going to proceed to do all we are able to to assist companies over the subsequent few weeks and months.