Regulations made by the Department for the Economy under section 28(1) of the Corporate Insolvency and Governance Act 2020 (c.12), and laid before the Assembly under section 34(2) of that Act, for approval of the Assembly within forty days beginning with the day on which the instrument is made, subject to extension for periods of dissolution or recess for more than four days or adjournment for more than six days
2021 No. 106
Insolvency

The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading) Regulations (Northern Ireland) 2021

Made
Coming into operation
The Department for the Economy makes the following Regulations in exercise of the power conferred by section 28(1)(c) of the Corporate Insolvency and Governance Act 20201.
In accordance with section 29(2) of that Act, the Department2 is satisfied that these Regulations are expedient for the purpose of securing that the duties of persons with corporate responsibility, or the liability of those persons to any sanction, take due account of the effects of coronavirus on businesses or on the economy of the United Kingdom.

In accordance with section 30(1) of that Act, the Department has considered the effect of these Regulations on persons likely to be affected by them.

In accordance with section 30(2) of that Act, the Department is satisfied—

  1. (a)

    that the need for the provision made by these Regulations is urgent;

  2. (b)

    that the provision made by these Regulations is proportionate to the purpose for which it is made;

  3. (c)

    that is it not practicable without legislation to bring about the result intended to be brought about by these Regulations; and

  4. (d)

    that neither a Northern Ireland Department nor the Secretary of State can make the same provision in exercise of power under a statutory provision other than section 28 of that Act.