Government gives businesses much-needed breathing space with extension of insolvency measures

Government intends to extend the power to make temporary amendments or modify the effects of corporate insolvency and governance legislation for an additional year.

Government will reinstate the temporary suspension of the use of statutory demands and winding-up petitions until 31 March 2021.

Updated with 25 November announcement that government will reinstate the temporary removal of the threat of personal liability for wrongful trading from directors until 30 April 2021, and that companies obliged to hold AGMs will still have flexibility to hold them virtually until 31 March 2020.

Updated with 25 November announcement that government will reinstate the temporary removal of the threat of personal liability for wrongful trading from directors until 31 April 2020, and that companies obliged to hold AGMs will still have flexibility to hold them virtually until 31 March 2020.

First published.