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The Corporate Insolvency and Governance Act 2020 (Amendment of Certain Relevant Periods) (No. 2) Regulations (Northern Ireland) 2020

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EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations extend the period during which certain provisions in the Corporate Insolvency and Governance Act 2020 (c. 12) (“the Act”) that make temporary modifications to corporate insolvency law to mitigate the effects of coronavirus are to have effect.

Among these are provisions concerning company winding-up petitions which the Act originally provided were to expire on 30 September 2020.

The Corporate Insolvency and Governance Act 2020 (Amendment of Certain Relevant Periods) Regulations (Northern Ireland) 2020 (S.R. 2020 No. 199) provided for the provisions concerning company winding-up petitions to now expire on 31 December 2020.

Regulation 2 of these Regulations further extends the period during which the modifications made by these provisions will apply by providing for the provisions to instead expire on 31 March 2021.

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

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Memorandwm Esboniadol

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.

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