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, Power and Industrial Technique (BEIS) to progress the laws by means of the required phases 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 conserving their companies working.
What the Act means for corporations
We recognise the intense disruption that the coronavirus outbreak has brought about throughout the UK and we need to do all we can to help 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
- permit extra flexibility round when and the way annual common 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 help administrators throughout this time
Learn our steerage 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 embrace granting an computerized accounts submitting extension for many corporations who utilized earlier than this Act got here into drive, and easing our strike off and prosecution exercise.
Sustaining our providers for purchasers
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 largest precedence has all the time been, and can proceed to be, the welfare of our staff. This has been fastidiously balanced with ensuring that we proceed to supply a good service by listening to our clients and stakeholders and doing all the pieces we are able to to help them throughout this tough time.
We had some enormous challenges to resolve initially of this disaster. A lot of our groups have been already totally outfitted to do business from home which meant that the transition to distant working for some colleagues was pretty easy.
Nevertheless, some colleagues had by no means labored from residence 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 rapidly to implement options, and the very important work we’ve carried out 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 embrace:
- offering each colleague with distant working gear in order that solely a restricted variety of folks wanted to be within the workplace at anyone time
- our new ‘upload a document to Companies House’ service to allow on-line submitting for sure transactions that might 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 every single day with the best way they really live by these behaviours. Their willingness to strive new approaches and share concepts has been extra necessary than ever whereas we’ve been making an attempt to tackle these monumental challenges.
Working rapidly and collaboratively has enabled us to realize quite a bit throughout this tough time, and we are going to construct on this as we transfer into the subsequent section.
What the longer term appears like
We’re nonetheless working to make certain 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 taking a look at what our long run response will probably be, we’re not rising the variety of colleagues in our places of work simply but.
You’ll be able to 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, reminiscent of 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 help companies over the subsequent few weeks and months.