UK: The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020

The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020 were laid before Parliament today and come into force tomorrow: see here or here (pdf). An accompanying explanatory memorandum is available: see here (pdf). Briefly put, the Regulations extend certain measures introduced earlier this year in response to the Covid pandemic including those relating to the potential liability of directors for wrongful trading under section 214 of the Insolvency Act 1986 and the manner in which company meetings are held.