Legislation – The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading) Regulations (Northern Ireland) 2020
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The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading) Regulations (Northern Ireland) 2020
2020 No. 320
Insolvency
The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading) Regulations (Northern Ireland) 2020
Approved by resolution of the Assembly on 8th February 2021
Made
Coming into operation
The Department for the Economy makes the following Regulations in exercise of the power conferred by section 28(1)(c) of the Corporate Insolvency and Governance Act 20201.
In accordance with section 29(2) of that Act, the Department2 is satisfied that these Regulations are expedient for the purpose of securing that the duties of persons with corporate responsibility, or the liability of those persons to any sanction, take due account of the effects of coronavirus on businesses or on the economy of the United Kingdom.
In accordance with section 30(1) of that Act, the Department has considered the effect of these Regulations on persons likely to be affected by them.
- (a)
that the need for the provision made by these Regulations is urgent;
- (b)
that the provision made by these Regulations is proportionate to the purpose for which it is made;
- (c)
that is it not practicable without legislation to bring about the result intended to be brought about by these Regulations; and
- (d)
that neither a Northern Ireland Department nor the Secretary of State can make the same provision in exercise of power under a statutory provision other than section 28.