This is the original version (as it was originally made).
(This note is not part of the Regulations)
These Regulations amend the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012 (S.I. 2012/3013) to make the necessary modifications and substitutions consequent upon the application to Charitable Incorporated Organisations (“CIOs”) of the provisions regarding moratoriums made by the Corporate Insolvency and Governance Act 2020 (2020 c. 12).
The 2020 Act inserted a new Part A1 into the Insolvency Act 1986 (c. 45). Part A1 provides for a freestanding moratorium for companies and other eligible entities to facilitate their rescue from financial difficulty. Schedule 3, paragraph 49 of that Act amends the primary regulations to apply the provisions to CIOs, other than in relation to those CIOs that are (a) a private registered provider of social housing; or (b) registered as a social landlord under Part 1 of the Housing Act 1996 (c. 52).
Regulation 3 of this instrument amends regulation 9 of the primary regulations in order to provide that the charity trustees may not apply for dissolution of the CIO if a moratorium is in force.
Regulation 4 amends Schedule 1, paragraph 1 to make the necessary modifications and substitutions due to the application of the provisions to CIOs.
Regulation 6 makes transitional provision.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
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