Legislation – The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Schedule 8) (Early Termination of Certain Temporary Provisions) Regulations (Northern Ireland) 2020

These Regulations provide that certain provisions in Part 2 of Schedule 8 to the Corporate Insolvency and Governance Act 2020 (c. 12) (“the Act”) cease to have effect from 14th October 2020.

Part 2 of Schedule 8 to the Act contains temporary provisions for the purposes of a moratorium under Part 1A of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)). Those temporary provisions relax the conditions for obtaining a moratorium as well as modifying how it is monitored and extended.

Regulation 2 provides that certain provisions in Part 2 of Schedule 8 to the Act cease to have effect from 14th October 2020.

Regulation 3 is a saving provision and provides that paragraphs 8 to 11 of Schedule 8 continue to have effect where the moratorium began before 14th October 2020 or, where the moratorium was obtained as a result of an application to Court, that application was made before 14th October 2020.

A full impact assessment has not been produced for this instrument as no, or no significate impact upon the private, voluntary or public sector is foreseen. An Explanatory Memorandum has been published alongside this rule at www.legislation.gov.uk.