On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) received royal assent. It came into force on 26 June 2020.
The measures introduced by the Act will relieve the burden on businesses during the coronavirus (COVID-19) outbreak and allow them to focus all their efforts on continuing to operate.
This guidance outlines how the measures introduced by the Corporate Insolvency and Governance Act will affect public limited companies (PLCs) and Societas Europaea (SEs) filing accounts with Companies House.
The Act will also introduce changes to the insolvency regime.
Companies and other types of business registered at Companies House will get more time to file accounts.
If your company is eligible, we’ll update your filing deadline automatically. You do not need to apply for an extension.
There are changes for public companies with a filing deadline between 26 March 2020 and 29 September 2020.
The Bill will introduce a new moratorium to give companies breathing space from their creditors while they seek a rescue. It will also introduce a new restructuring plan sanctioned by the court that will bind creditors to the plan.
Directors will still need to meet their filing obligations with Companies House. Late filing penalties will still be applied if accounts are filed late.
The Monitor is appointed to oversee the moratorium. They will need to file notices with Companies House during the moratorium.
See our liquidation and insolvency guidance.
A restructuring plan does not take effect until a copy of the court order has been delivered to Companies House. It will then be registered against the company.