For those colleges with subsidiary companies, this proposed legislation may bring some relief.
On Wednesday 20 May, the Department for Business, Energy and Industrial Strategy (BEIS) introduced the new Corporate Insolvency and Governance Bill.
The measures in this Bill will relieve the burden on businesses during the coronavirus (COVID-19) outbreak and allow them to focus all their efforts on continuing to operate.
What this means for businesses
The Bill will:
- introduce temporary easements on filing requirements and Annual General Meetings (AGMs)
- introduce new corporate restructuring tools to the insolvency regime to give companies the time they need to maximise their chance of survival
- temporarily suspend parts of insolvency law to support directors during this difficult time
Temporary easements on filing requirements and AGMs will include more flexibility around when and how AGMs are held, and extensions to deadlines for:
- confirmation statements
- registrations of charges (mortgage)
- event-driven filings, such as a change to your company’s directors or people with significant control
The Bill was introduced on Wednesday 20 May and will now make its way through Parliament. Many of the measures in the Bill will need secondary legislation before they come into force, and this will be introduced in due course.
Nothing will change until that legislation is introduced.