Monday, July 6, 2020
On 26 June 2020 theCorporate Insolvency and Governance Act 2020(the Act) came into force, introducing a number of temporary measures to assist companies facing financial difficulties as a consequence of COVID-19. These temporary provisions apply retroactively to cover the period commencing 1 March 2020 (26 March 2020 with respect to corporate governance provisions) and ending on 30 September 2020 (the Relevant Period). The Relevant Period can be reduced or extended by up to six months for each measure if determined necessary by the Secretary of State. These temporary measures do not apply to certain excluded companies, such as financial institutions and regulated entities.
Suspension of Wrongful Trading
The Act temp…
Read the full article at: https://www.natlawreview.com/article/key-takeaways-corporate-insolvency-and-governance-act-2020-temporary-measures
