Homeware stores re-opening and changes to insolvency and company law

Homeware stores and building supplies companies have been added to the list of stores which may re-open as part of the easing of lockdown measures. 

Some stores across the country have started to re-open, with strict social distancing measures in place, and some plan to open over the coming bank holiday weekend. 

The full details of businesses which must close can be found here: https://www.gov.uk/government/publications/further-businesses-and-premises-to-close/further-businesses-and-premises-to-close-guidance

Amendments to Insolvency and Company law to help businesses

The government yesterday (Wednesday 20 May) introduced the Corporate Governance and Insolvency Bill in Parliament, with 3 main aims:

  • to introduce new corporate restructuring tools to the insolvency and restructuring regime to give companies the breathing space and tools required to maximise their chance of survival
  • to temporarily suspend parts of insolvency law to support directors to continue trading through the emergency without the threat of personal liability and to protect companies from aggressive creditor action
  • to amend Company Law and other legislation to provide companies and other bodies with temporary easements on company filing and annual general meetings (which will extend to charitable incorporated organisations and mutual societies) thus allowing them to focus their resources on continuing operations in this uncertain time

You can find more information here: https://www.gov.uk/government/news/government-introduces-legislation-to-relieve-burden-on-businesses-and-support-economic-recovery  and here: https://www.gov.uk/government/news/how-the-corporate-insolvency-and-governance-bill-will-help-your-business

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