I beg to move,
That the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 (S.I., 2021, No. 375), dated 22 March 2021, a copy of which was laid before this House on 24 March, be approved.
It is a pleasure to serve under your chairmanship, Madam Deputy Speaker, as we discuss this important extension on the Floor of the House. It is now more than a year since the emergence of covid-19, and the Government have consistently taken the swift action needed to save lives and mitigate damage to the economy. The Government’s successful roll-out of the vaccine programme and the implementation of the Government’s four-step road map out of lockdown are both reasons for cautious optimism that we will soon enjoy a return to normality. To date, in excess of 33 million people have had a vaccination, and the British public have risen to the challenge of suppressing the spread of the virus by sticking to the rules, getting tested when necessary and following the guidance on hands, face, space and letting fresh air in.
We are not out of the woods yet, however, and the emergence of new strains of the virus means that this is not the time to become complacent. Social distancing measures introduced to limit the spread of the virus and help to save lives continue to have an effect on business, and the Government recognise that. Although most businesses have been able to reopen, many continue to face uncertainty and financial difficulties. Therefore, an extension is needed to the duration of the temporary insolvency measures currently in place for the protection they provide.
These regulations extend until 30 June the suspension of serving statutory demands and the restriction of filing petitions to wind up companies; the small supplier exemption and termination clause provisions; and the suspension of wrongful trading liability. In addition, the modifications to the moratorium provisions and the temporary moratorium rules are extended until 30 September 2021.
I hope the House will agree that these regulations are necessary, but I assure Members that we will keep them under constant review. I commend these regulations to the House.
3.20 pm