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The government has announced it intends to extend temporary insolvency measures for an additional year as part of efforts to relieve pressure on businesses dealing with the coronavirus crisis.
The government said it laid the regulations on 11 February 2021 in Parliament ahead of the power expiring on 30 April 2021.
On 9 December 2020, the government announced it intended to extend the temporary suspension of the use of statutory demands and winding-up petitions until 31 March 2021.
Further, on 25 November 2020 the government said it intended to reinstate the temporary removal of the threat of personal liability for wrongful trading from directors until 30 April 2021.
The temporary measures aimed at protecting businesses from insolvency include:
“It is vital that we continue to deliver certainty to businesses through this challenging time, which is why we are now extending these important and necessary measures to protect companies from insolvency,” said Business Minister Lord Callanan.
“Through this measure, we want to ensure businesses are able to not only come through this testing period, but also to plan, adapt and build back better.”