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 via the required levels over the past two months.
These new legislative measures will assist to additional relieve the burden on companies in the course of the coronavirus (COVID-19) outbreak in order that they will focus their efforts on retaining their companies working.
What the Act means for firms
We recognise the acute disruption that the coronavirus outbreak has triggered throughout the UK and we need to do all we can to help firms throughout this tough time.
The Act will:
- grant an automated extension for affirmation statements, event-driven filings and registrations of mortgage expenses, and provides most firms 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 present firms the time they should maximise their likelihood of survival
- briefly droop components of insolvency legislation to help administrators throughout this time
Learn our steering on:
- the changes that came into effect on Friday 26 June – together with modifications for public restricted firms (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 embody granting an automated accounts submitting extension for many firms who utilized earlier than this Act got here into pressure, 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 a number of different modifications too.
My largest precedence has at all times been, and can proceed to be, the welfare of our workers. This has been rigorously balanced with ensuring that we proceed to offer a sensible service by listening to our prospects and stakeholders and doing every thing we are able to to help them throughout this tough time.
We had some enormous challenges to resolve initially of this disaster. Lots of our groups had been already absolutely geared up 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 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 accomplished on reworking our tradition over the past couple of years stood us in nice stead to sort out these challenges.
A few of our options embody:
- offering each colleague with distant working gear 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 linked
We adopted our new ‘adaptable, daring and curious’ behaviours final 12 months, and my colleagues amaze me day by day with the way in which 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 making an attempt to handle these huge challenges.
Working rapidly and collaboratively has enabled us to realize so much throughout this tough time, and we’ll construct on this as we transfer into the following part.
What the longer term seems to be 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 following few weeks.
Though we’ve now began what our long run response can be, we’re not rising the variety of colleagues in our workplaces simply but.
You’ll be able to 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, equivalent to built-in checks and an prompt 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’ll proceed to do all we are able to to help companies over the following few weeks and months.