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Government announce a change to insolvency rules, accrued annual leave and AGM guidelines

Coronavirus/COVID-19 Update | Insights | Skadden, Arps, Slate ...

The UK government announced on Saturday new insolvency measures to prevent businesses unable to meet debts due to the impact of coronavirus from being forced to file for bankruptcy.

The move will allow directors of companies to pay staff and suppliers even if there are fears the company could become insolvent. Read more HERE

Also, Alok Sharma, the Business secretary reported that workers who had not taken all of their statutory annual leave entitlement due to COVID-19 would be able to carry it over into the next two leave years.  Read more HERE

Mr Sharma also announced that companies required to hold annual general meetings would be be able to do so flexibly in a matter compatible with public health guidance. This might include postponing or holding the AGM online, or by phone using only proxy voting.


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