The Corporate Insovency and Governance Act 2020
30 September 2020
The Corporate Insolvency and Governance Act 2020 has been extended.
AGMs
The provisions allowing AGMs and other general meetings to be held electronically, even if this is not authorised by your governing document, now apply until 30 December 2020.
The provision that allowed AGMs to be postponed until 30 September 2020 has not been extended.
If you are looking to make changes to your governing document to enable you to continue to meet electronically after these relaxations expire, and you need some support, please let us know by email info@cvsbeds.org.uk
Insolvency
Extensions of the insolvency provisions include:
- The prohibition on the presentation of winding-up petitions is extended until 31 December 2020
- Some of the temporarily relaxed conditions for obtaining a moratorium have been extended to 30 March 2021.
- The temporary exemption for small suppliers from clauses in supply contracts which provide for termination of the contract on insolvency is also extended to 30 March 2021.
Wrongful Trading
The temporary suspension of liability for wrongful trading is not extended and therefore liquidators and administrators will be able to bring claims against company directors for wrongful trading for losses caused by trading on and after 1 October 2020.
The Charity Commission have updated their guidance, which you can read here: www.gov.uk/guidance/coronavirus-covid-19-guidance-for-the-charity-sector
