The temporary measure allowing companies and other qualifying bodies to hold AGMs virtually will be extended until 30 December 2020. The measure, which was introduced as part of the UK Government's response to the COVID-19 pandemic, had been due to expire on 30 September 2020.
There is a possibility that it will be extended beyond 30 December 2020, particularly as the UK Government guidance at the time of writing envisages remote working for up to six months from September 2020. Companies or other qualifying bodies may nevertheless wish to review their constitutions to ascertain whether any amendments are required to accommodate such practices and procedures beyond any formal deadline.
Certain other measures introduced to protect businesses from insolvency have also been extended. In particular, statutory demands and winding-up petitions will continue to be restricted until 31 December 2020. In addition, the modifications to the new moratorium procedure will be extended until 30 March 2021. Please refer to our article for a more detailed overview of the insolvency-related measures introduced by the CIGA.
Written by Isaac Paine
It is vital that we continue to deliver certainty to businesses through this challenging time, which is why we are now extending these important and necessary measures to protect companies from insolvency