IRRV Alert - week ending 26th June 2020
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Corporate Insolvency and Governance Act 2020 (26 June 2020)
Guidance
Corporate Insolvency and Governance Act 2020
How the measures introduced by the Corporate Insolvency and Governance Act will affect your filings at Companies House.
Published 26 June 2020
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Changes for public companies
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On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) received royal assent. It came into force on 26 June 2020.
The measures introduced by the 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.
This guidance outlines how the measures introduced by the Corporate Insolvency and Governance Act will affect public limited companies (PLCs) and Societas Europaea (SEs) filing accounts with Companies House.
The Act will also introduce changes to the insolvency regime.
Accounts
Companies and other types of business registered at Companies House will get more time to file accounts.
If your company is eligible, we’ll update your filing deadline automatically. You do not need to apply for an extension.
There are changes for public companies with a filing deadline between 26 March 2020 and 29 September 2020.
Insolvency
The Bill will introduce a new moratorium to give companies breathing space from their creditors while they seek a rescue. It will also introduce a new restructuring plan sanctioned by the court that will bind creditors to the plan.
Directors will still need to meet their filing obligations with Companies House. Late filing penalties will still be applied if accounts are filed late.
The Monitor is appointed to oversee the moratorium. They will need to file notices with Companies House during the moratorium.
See our liquidation and insolvency guidance.
A restructuring plan does not take effect until a copy of the court order has been delivered to Companies House. It will then be registered against the company.
For more information, see Applying for a moratorium under the Corporate Insolvency and Governance Act 2020.
More information
- List of moratorium forms
- Guidance for monitors
- Corporate Insolvency and Governance Bill 2020: factsheets
- Coronavirus guidance for Companies House customers, employees and suppliers
- Coronavirus (COVID-19): what you need to do
- COVID-19: guidance for employers and businesses
- Coronavirus (COVID-19): Business support
Published 26 June 2020