COVID-19: Extension of the Relevant Periods of the temporary provisions under the Corporate Insolvency and Governance Act 2020
On 24 September 2020, the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2020 were published by the government and will take effect on 29 September 2020.
Under the Corporate Insolvency and Governance Act 2020 (the Act), the “Relevant Period” within which certain temporary provisions shall have effect can be extended by periods of up to 3 months (up to 5 April 2021).
The new regulations have extended the duration of the following temporary measures beyond their current expiration date of 30 September 2020:
- The relaxation of the company annual general meeting requirements has been extended to 30 December 2020.
- The restrictions on the use of statutory demands and winding up petitions have been extended to 31 December 2020.
- The temporary moratorium rules and small supplier exemptions from termination clauses have been extended to 30 March 2021.
Please see our recent article for our review of the impact the Act has on the following areas:
- Suspension of Wrongful Trading.
- Statutory Demands.
- Creditor Moratoriums.
- Termination Clauses.
- The Restructuring Plan available to companies in financial difficulty.
For information regarding the impact the provisions of the Act have on annual general meetings and corporate filings please see our other recent article.