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, Vitality and Industrial Technique (BEIS) to progress the laws by the mandatory phases during the last 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’ll focus their efforts on retaining their companies working.
What the Act means for firms
We recognise the intense disruption that the coronavirus outbreak has induced throughout the UK and we need to do all we can to help firms throughout this troublesome time.
The Act will:
- grant an automated extension for affirmation statements, event-driven filings and registrations of mortgage fees, and provides most firms extra time to file their accounts
- permit extra flexibility round when and the way annual basic conferences (AGMs) are held
- introduce new company restructuring instruments to the insolvency regime to offer 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 couple of months. These embrace granting an automated accounts submitting extension for many firms who utilized earlier than this Act got here into drive, 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 numerous 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 offer a good service by listening to our prospects and stakeholders and doing all the pieces we are able to to help them throughout this troublesome time.
We had some enormous challenges to resolve in the beginning of this disaster. Lots of our groups had been already totally geared up to make money working from home which meant that the transition to distant working for some colleagues was pretty simple.
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 shortly to implement options, and the very important work we’ve executed on remodeling our tradition during the last 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 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 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 yr, and my colleagues amaze me every single day with the best way they actually 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 realize so much throughout this troublesome time, and we’ll construct on this as we transfer into the following section.
What the longer term 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 following few weeks.
Though we’ve now began what our long run response shall be, we’re not growing 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 possibly can. Submitting on-line has nice advantages for buyers too, resembling built-in checks and an immediate 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 help companies over the following few weeks and months.