Corporate Insolvency and Governance Act 2020

Corporate Insolvency and Governance Act 2020 received royal assent on 25 June 2020 and come into effect on 26 June 2020. The Act will give more time to Public limited companies (PLCs) and Societas Europaea (SEs) to comply with Companies House requirements.

Additionally, the Act also introduce a new moratorium to give breathing space to businesses struggling to survive during this COVID-19 outbreak.

Company accounts filing requirements

The Corporate Insolvency and Governance Act 2020 introduced changes to company accounts filing deadline for PLCs and SEs. Specifically for PLCs and SEs with a filing deadline between 26 March 2020 and 26 June 2020.

If your company account’s filing deadline falls between the two dates then you will get an automatic extension.

SituationOriginal filing deadlinePreviously extended?New filing deadline
1Between 26 March 2020 and 31 March 2020NOextend 12 months
2on or after 1 April 2020 and before 30 September 2020NOFiling deadline will move to 30 September 2020
3Filing deadline already extended prior to the Act coming into forceN/AFiling deadline will either be extended to 12 months from the year end or 30 September 2020 – whichever is earlier
4Filing deadline already extended to the maximum 12 monthsN/ANo further extension
Source: Guidance for public companies published on 26 June 2020

How these changes would help PLC and SE?

Usually, your company will receive an automatic late filing penalty when you delivered your company accounts late to Companies House. Companies House will review the late filing penalty issued if your company accounts filing deadline is between 26 March 2020 and 26 June 2020.

On the same note, extending the statutory filing deadline will make PLCs and SEs with accounting year-end dates between 26 March and 26 June 2020 no longer in default if they have not yet filed their company accounts.

Other help and support to businesses by Companies House

On 26 June 2020, Companies House also grants an automatic extension for the following filings:

  • Company accounts extension for private limited companies limited liability partnerships, Overseas Companies, PLCs and SEs.
  • Confirmation statement filing deadline extension to 42 days.
  • Events driven filings deadlines also extend to 42 days.
  • Mortgage charges registration has a further 10 days to submit the document with Companies House.

Read the full guidance here.

Leave a Comment

*Required fields Please validate the required fields

*

*

%d bloggers like this: