The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020
These Regulations temporarily suspend liability under wrongful trading provisions in the Insolvency Act 1986 (c. 45): specifically, section 214 (wrongful trading); and section 246ZB (wrongful trading: administration). In addition, these Regulations extend the period within which temporary modifications to laws relating to the holding of meetings made by the Corporate Insolvency and Governance Act 2020 (“CIGA”) are to have effect for certain qualifying bodies.
Lifecycle
Department
Made
24 Nov 2020
—
In force
26 Nov 2020
Enabling power
Further to section 22(2) of that Act, the Secretary of State considers 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; is it 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 in other subordinate legislation that is made in these Regulations.
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