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The Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent, with most provisions coming into force on 26 June 2020. The Act addresses numerous issues arising for businesses from the COVID-19 pandemic to give distressed businesses the breathing space they need to get advice and seek a rescue
Some of the key provisions of the Act are as follows:
Under the secondary legislation, companies will temporarily receive an automatic extension for:
Most companies will also be given more time to file their accounts. If a company is eligible, Companies House will update the filing deadline automatically and the new deadline should be adhered to. Companies do not need to apply for an extension.
Addison & Co