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This Statutory Instrument has been made in consequence of a defect in S.I. 2021/1029 and is being issued free of charge to all known recipients of that Statutory Instrument. It has also been printed in substitution of the S.I. of the same number due to an incorrect headnote at the top of page 1 and is additionally being issued free of charge to all known recipients of that earlier version.
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
Insolvency
Made
27th September 2021
Laid before Parliament
28th September 2021
Coming into force
for the purpose of regulations 1 and 2
28th September 2021
for the purpose of remainder
1st October 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—
the need for the provision made by these Regulations is urgent,
the provision made by these Regulations is proportionate to the purpose for which it is made,
it is not practicable without legislation to bring about the result intended to be brought about by these Regulations, and
the Secretary of State cannot make the same provision that is made in these Regulations in other subordinate legislation.
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