Changes to Insolvency and Company Rules

Over the weekend BEIS minister, Alok Sharma, announced that the Government would be introducing legislation to support businesses that would otherwise be operating illegally due to being technically insolvent. There will be a  temporary suspension of “wrongful trading” rules which make it a criminal offence for a company to keep trading if they know the business is unable to repay its debts, with new rules allowing companies undergoing restructuring to continue to access supplies and raw materials. This will also remove the threat of Directors having personal liability for their business and will apply retrospectively from March 1.

He also announced that companies required to hold Annual General Meetings will be able to do so flexibly in a matter compatible with public health guidance such as holding the AGM online, or by phone using only proxy voting.

Guidance on Mental Health and Wellbeing

While everyone is working hard to deal with the business and employment impacts of Coronavirus, one of the overlooked issues of this is the impact on the mental health of business owners and employees. To help with this, the Government has produced guidance on how to protect people from the psychological impacts which is worth sending out to support your members. The key suggestions are:

Consider how to connect with others
Help and support others
Talk about your worries
Look after your physical wellbeing
Look after your sleep
Try to manage difficult feelings
Manage your media and information intake
Get the facts
Think about your new daily routine
Do things you enjoy
Set goals
Keep your mind active
Take time to relax and focus on the present
If you can, once a day get outside or bring nature in