The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021
- Statutory demands and winding-up petitions will continue to be restricted until 30 June 2021.
- Termination clauses are still prohibited, stopping suppliers from ceasing their supply or asking for additional payments while a company is going through a rescue process. Small suppliers will remain exempted from the obligation to supply until 30 June 2021.
- The modifications to the new moratorium procedure, which relax the entry requirements to it, will also be extended until 30 June 2021.
- The temporary moratorium rules will also be extended to the end of June.
- The Government has temporarily (until June 30 2021) removed the threat of personal liability arising from wrongful trading for directors who continue to trade a company through the pandemic with the uncertainty that the company may not be able to avoid insolvency in the future.
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24 March 2021
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