The government has announced a suspension of the wrongful trading rules under the Insolvency Act 1986. Wrongful trading can give rise to individual liability for company directors if it appears that they continue to trade a company when it is effectively insolvent. The suspension is part of a range of measures designed to help struggling companies keep trading during the Covid-19 outbreak. Further details of the implementation are awaited however the changes will apply retrospectively from 1 March 2020.
Other measures aimed at helping companies include allowing applications for a three month extension to file accounts – applications can be made online – and for larger companies holding AGMs remotely.
Should you require any assistance whether personally or on behalf of your company regarding corporate or commercial legal arrangements during this difficult period please do not hesitate to contact Partners Peter Weiss, Natalie Wright or Simon Goldberg.
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