Corporate Insolvency and Governance Bill coming into effect in NI welcomed

Posted by
editor@newrytimes.com
Wednesday, July 1st, 2020
Politics

Economy Minister Diane Dodds has welcomed the Corporate Insolvency and Governance Bill coming into effect in Northern Ireland.

The Bill makes permanent and temporary changes to Insolvency and Company law in Northern Ireland to help companies manage the financial and practical difficulties of Covid-19.

 

 

Speaking to Newry Times, the Minister said, “The pandemic has brought with it unprecedented challenges and unforeseen consequences for business.

“My officials have been working closely with their counterparts in Whitehall to bring these emergency measures forward that will help businesses through the current crisis.

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“This new legislation will ensure Northern Ireland keeps in step with measures being put in place in the rest of the United Kingdom and is good news for the local business community.

“The new measures provide practical support for companies that may be facing insolvency as a result of the pandemic and will help give them the best chance of recovery.”

 

 

The Minister added, “The economic recovery has begun and I am committed to doing all I can to create the conditions for local businesses who may have suffered to get back on their feet.”

The legislative changes will introduce new corporate restructuring tools to the insolvency and restructuring regime to give companies the breathing space and tools required to maximise their chance of survival.

It will also temporarily suspend parts of insolvency law to support directors to continue trading through the emergency without the threat of personal liability for wrongful trading and to protect companies from creditor action.

 

 

In addition, the changes will amend Company Law and other legislation to provide companies and other bodies with temporary easements on company filing and annual general meetings.

 

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