The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 10) Regulations 2021

Regulations made by the Secretary of State under section 20(1)(a) and 25(1) of the Corporate Insolvency and Governance Act 2020 (c. 12), laid before Parliament under section 26(2) of that Act for approval by resolution of each House of Parliament within forty days beginning with the day on which the instrument is made, subject to extension for periods of dissolution, prorogation or adjournment for more than four days.

Statutory Instruments

2021 No. 1029

Insolvency

The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 10) Regulations 2021

Made

8th September 2021

Laid before Parliament

10th September 2021

Coming into force

29th September 2021

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 20(1)(a) and 25(1) of the Corporate Insolvency and Governance Act 2020(1).

Further to section 21(1)(a) of that Act, the Secretary of State is satisfied that these Regulations are expedient for the purpose of reducing, or assisting in the reduction of, the number of entities entering into corporate insolvency or restructuring procedures for reasons relating to the effects of coronavirus on businesses or on the economy of the United Kingdom.

Further to section 22(1) of that Act, the Secretary of State has considered the effect of these Regulations on persons likely to be affected by them.

Further to section 22(2) of that Act, the Secretary of State is satisfied that—

a)

the need for the provision made by these Regulations is urgent,

b)

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

c)

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

d)

the Secretary of State cannot make the same provision that is made in these Regulations in other subordinate legislation.

(1)

2020 c. 12.