Businesses Get Breathing Space on Filings and Meetings
- Companies House suspends strike-offs due to Covid-19 pandemic
- Government announces changes to Companies House enforcement
- Businesses affected by coronavirus get time to update records
- Late filing penalties will be treated sympathetically
- Three-month extension for filing accounts granted
- Automatic and immediate extensions for Covid-19 issues
- Government to monitor company filings and provide further extensions if needed
- Legislation for safe holding of Annual General Meetings
- Companies can hold AGMs online or postpone meetings
The UK’s Companies House has temporarily halted its strike-off process to prevent companies from being dissolved during the coronavirus pandemic. The government announced changes in enforcement last week, which allows businesses affected by Covid-19 to update their records without fear of being struck off the register. Additionally, companies issued with late filing penalties due to the outbreak will receive sympathetic treatment when appealing. Companies House director Martin Swain stated that they’re committed to helping firms meet legal responsibilities while keeping the register up-to-date. The Secretary of State for Business, Energy and Industrial Strategy, Alok Sharma, has granted businesses the ability to apply for a three-month extension to file accounts and automatically receive an extension if Covid-19 issues are cited. Further legislation will ensure companies can hold Annual General Meetings safely while adhering to movement restrictions. Companies House will continue contacting customers and encourage filing of statutory documents as soon as possible.
Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about the measures taken by Companies House and the government to support businesses affected by Covid-19, including pausing the strike off process, granting extensions for filing accounts, and allowing online or postponed Annual General Meetings. It also includes relevant quotes from a director of strategy at Companies House.
Noise Level: 3
Noise Justification: The article provides relevant information about the temporary measures taken by Companies House in response to the Covid-19 pandemic to support businesses and prevent them from being struck off the register. It also mentions the government’s commitment to monitor the situation and provide further extensions if needed. The article is focused on the topic and supports its claims with details about the measures implemented.
Financial Relevance: Yes
Financial Markets Impacted: UK financial markets
Financial Rating Justification: The article discusses changes in Companies House enforcement due to the COVID-19 pandemic, which impacts UK businesses and their legal responsibilities related to filing requirements. This can have an effect on the financial markets as it provides relief for companies facing difficulties in meeting their obligations.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article, but it discusses temporary changes to Companies House enforcement due to the ongoing Covid-19 pandemic.
www.retailsector.co.uk