The government announced it intends to extend the power (granted through the Corporate Governance and Insolvency Act) to make temporary amendments or modify the effects of corporate insolvency and governance legislation for an additional year until April 2022.
The government laid the regulations on 11 February 2021 in Parliament ahead of the power expiring on 30 April 2021.
The government last updated the rules in December 2020, announcing a number of covid-19 related measures to support businesses.
At the time, it reinstated the temporary removal of the threat of personal liability for wrongful trading from directors until 30 April 2021. Previously, the deadline was the end of 2020.
Termination clauses are still prohibited, stopping su…
Read the full article at: https://www.accountancydaily.co/insolvency-protection-extended-april-2022-due-pandemic