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, Power 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 preserving their companies working.
What the Act means for corporations
We recognise the acute disruption that the coronavirus outbreak has brought about 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
- 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
- briefly droop components of insolvency legislation to assist 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 applied over the previous few months. These embody granting an automated accounts submitting extension for many corporations who utilized earlier than this Act got here into pressure, 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 numerous different modifications too.
My greatest precedence has at all times 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 prospects and stakeholders and doing all the pieces we are able to to assist them throughout this troublesome time.
We had some enormous challenges to resolve originally of this disaster. A lot of our groups have been already totally outfitted to earn a living from home which meant that the transition to distant working for some colleagues was pretty easy.
Nonetheless, some colleagues had by no means labored from house and weren’t arrange to take action, and we additionally wanted to urgently scale 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 completed on remodeling 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 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 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 12 months, 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 essential than ever whereas we’ve been making an attempt to tackle these huge challenges.
Working shortly and collaboratively has enabled us to attain rather a lot throughout this troublesome time, and we’ll construct on this as we transfer into the following section.
What the longer term appears to be like 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 taking a look at what our long run response might be, we’re not growing the variety of colleagues in our places of work simply but.
You’ll be able to actually assist us to scale back the paper coming into our places of work by filing online each time you possibly can. Submitting on-line has nice advantages for buyers too, comparable to built-in checks and an prompt 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’ll proceed to do all we are able to to assist companies over the following few weeks and months.