Corporate Insolvency and Governance Bill receives royal assent
New measures will help to relieve the burden on businesses during the coronavirus (COVID-19) outbreak.
The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act.
The measures in this Act will relieve the burden on businesses during the coronavirus (COVID-19) outbreak and allow them to focus all their efforts on continuing to operate.
聽What happens next
Some of the measures in the Act came into effect immediately on Friday 26 June. Other measures came into effect on Saturday 27 June when the secondary legislation came into force.
The Act:
- introduces temporary easements for Annual General Meetings (AGMs) and filing requirements for public limited companies (PLCs)
- introduces new corporate restructuring tools to the insolvency regime to give companies the time they need to maximise their chance of survival
- temporarily suspends parts of insolvency law to support directors during this difficult time
Under the secondary legislation, companies will receive an automatic extension for:
- confirmation statements
- registrations of charges (mortgage)
- event-driven filings, such as a change to your company鈥檚 directors or people with significant control
Most companies will also be given more time to file their accounts.
聽What you need to do
We鈥檝e published detailed guidance on the changes that came into effect on Friday 26 June. This includes changes for PLCs with an accounts filing deadline between 26 March 2020 and 29 September 2020.
We鈥檝e also published detailed guidance for private companies and other company types on the changes that came into effect on Saturday 27 June.
Your deadlines will be updated automatically, and you do not need to apply for an extension. You can check your company鈥檚 deadlines on .
If you have already extended your accounts filing deadline, you may not be eligible for an extension.
It鈥檚 important that you file your documents by the new deadline. You can use our online services to:
This is a temporary measure. Your deadline will not be extended next year if it falls on or after 6 April 2021.
Keep up to date with all the latest news on our services by signing up for 188体育 updates or . You can also sign up for email reminders to keep track of your filing deadlines.
You can find all the latest updates about how we鈥檙e maintaining services for our customers during the coronavirus outbreak on our coronavirus guidance page.
Updates to this page
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The automatic extensions granted by the Corporate Insolvency and Governance Act have now come to an end.
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Link added to guidance for private companies and other company types on the changes that came into effect on Saturday 27 June.
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Other measures came into effect on Saturday 27 June with secondary legislation. We鈥檒l publish more guidance for private companies and other company types in due course.
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First published.