(This note is not part of the Regulations)
These Regulations prolong the period within which certain temporary provisions in the Corporate Insolvency and Governance Act 2020 (c.12) (“CIGA”), (and referred to for the purposes of CIGA as the “relevant period”), are to have effect.
The temporary provisions consist of modifications to aspects of corporate insolvency law and company law so as to mitigate effects of coronavirus. In the case of the temporary modifications to which these Regulations apply CIGA provides that the relevant period ends on 30th September 2020.
Regulation 2 amends specified provisions in CIGA to change the date upon which the relevant period ends for certain of the temporary modifications. Temporary modifications to the use of certain types of contractual terms as well as modifications to the moratorium procedure in Part A1 of the Insolvency Act 1986 (c.45) (as inserted by section 1 of CIGA) are extended to 30th March 2021, temporary modifications concerning company winding-up petitions are extended to 31st December 2020, and, finally, a temporary modification concerning meetings of companies and other bodies is extended to 30th December 2020.
An impact assessment has not been prepared for this instrument. An Explanatory Memorandum has been published alongside this instrument at www.legislation.gov.uk.