Legislation – The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020
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The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020
The Secretary of State makes the following Regulations in exercise of the power conferred by section 20(1)(c) of, and paragraph 2(2)(b) of Schedule 14 to, the Corporate Insolvency and Governance Act 2020 M1.
Further to section 21(2) of that Act, the Secretary of State 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 business or on the economy of the United Kingdom.
Further to section 22(1) of that Act, the Secretary of State has considered the effect of these Regulations on persons likely to be affected by them.
Further to section 22(2) of that Act, the Secretary of State considers that—
- (a)
the need for the provision made by these Regulations is urgent;
- (b)
the provision made by these Regulations is proportionate to the purpose for which it is made;
- (c)
is it not practicable without legislation to bring about the result intended to be brought about by these Regulations; and,
- (d)
the Secretary of State cannot make the same provision in other subordinate legislation that is made in these Regulations.