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 way of the mandatory phases over the past 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 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 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 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 present corporations the time they should maximise their probability of survival
- quickly droop components 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 few 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 plenty of different modifications too.
My largest precedence has all the time 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 all the things we will to assist them throughout this tough time.
We had some enormous challenges to resolve in the beginning of this disaster. A lot of our groups had been already totally outfitted to make money working 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 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 workplaces.
We labored rapidly to implement options, and the very important work we’ve finished on remodeling 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 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 linked
We adopted our new ‘adaptable, daring and curious’ behaviours final 12 months, and my colleagues amaze me daily with the best way they really live by these behaviours. Their willingness to strive new approaches and share concepts has been extra essential than ever whereas we’ve been attempting to tackle these huge challenges.
Working rapidly and collaboratively has enabled us to attain quite a bit 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 positive that prospects can file as a lot as doable 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 likely 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 every time you’ll be able to. Submitting on-line has nice advantages for buyers too, akin to built-in checks and an on the spot 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 will to assist companies over the subsequent few weeks and months.