Be aware of immediate new measures and those which will be effective in secondary legislation.
The Corporate Insolvency and Governance Bill received royal assent and is now an Act. You can see comments on the Bill from John Cullen and David Fleming in last month’s issue of In Practice.
Some of the measures in the Act will come into effect immediately and other measures will come into effect once the secondary legislation comes into force.
The Act as you will have seen from the commentary last month:
introduces temporary easements on 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 which came into force on Saturday 27 June 2020 – The Companies etc. (Filing Requirements) (Temporary Modifications) Regulations 2020 2020 No. 645 – companies will receive an automatic extension for:
registrations of charges (mortgage)
event-driven filings, such as a change to your company’s directors or people with significant control
for most companies and LLPs time to file accounts.
Examples of the deadlines for filing extensions are:
the accounts filing deadline will be extended by three months, to 12 months for private companies and LLPs and nine months for public companies
the 14 day deadline for the annual confirmation statement after the end of the company’s year-long confirmation period will be extended to 42 days
the 14 day deadlines for submitting notices of relevant events after they occur are extended to 42 days. This includes a change of director or person of significant control
the 21 day deadline for registering a charge against a company’s assets is extended by ten days to 31 days.
All deadlines will be updated automatically and will not need to be applied for.
However, this is a temporary measure and the deadline will not be extended next year if it falls on or after 6 April 2021.