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Articles | Thu 25th Mar, 2021
On 24 March 2021 regulations were laid before parliament to further extend the protections introduced under the Corporate Insolvency and Governance Act 2020 (CIGA). CIGA originally introduced a number of measures designed to protect companies and directors who were struggling during the pandemic. These measures had originally been implemented to expire at the end of September 2020 but had been subject to two further extensions previously, and have now been extended further.
The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 have extended the key measures in different ways. In summary they are:
It remains to be seen whether there will be a further extension of these provisions. Much is likely to depend upon the success of the vaccination programme and the opening up of the economy. However, it is difficult to envisage the government allowing a cliff edge ending to these protections when it has spent so long over the past year seeking to protect embattled businesses.
We published a series of articles on the impact of these changes when they were first introduced. For a better understanding of the effect of the different CIGA protections, these articles can be found here:
If you or your clients are facing issues where the 2020 Act is at play and require any assistance with understanding how these provisions may impact upon your matter, members of 1 Chancery Lane are on hand to assist. Please email the clerks or complete our online form.