Legislation – The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 11) Regulations (Northern Ireland) 2021

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Introduction

1 Citation and commencement

2 Amendment of the Corporate Insolvency and Governance Act 2020

3 Consequential provision

Signature

Explanatory note

2021 No. 259
Insolvency

The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 11) Regulations (Northern Ireland) 2021

Affirmed by resolution of the Assembly on 18th October 2021
Made
Coming into operation
The Department for the Economy makes the following Regulations in exercise of the powers conferred by sections 28(1)(a) and 33(1) of the Corporate Insolvency and Governance Act 20201.
In accordance with section 29(1)(a) of that Act, the Department2 is satisfied that these Regulations are expedient for the purpose of reducing, or assisting in the reduction of, the number of entities entering into corporate insolvency or restructuring procedures for reasons relating to 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.

In accordance with section 30(2) of that Act, the Department is satisfied—

  1. (a)

    that the need for the provision made by these Regulations is urgent,

  2. (b)

    that the provision made by these Regulations is proportionate to the purpose for which it is made,

  3. (c)

    that it is not practicable without legislation to bring about the result intended to be brought about by these Regulations, and

  4. (d)

    that neither a Northern Ireland Department nor the Secretary of State can make the same provision in exercise of a power under a statutory provision other than section 28 of that Act.

2

The Department for the Economy is a relevant authority by virtue of section 28(4) of the Corporate Insolvency and Governance Act 2020.