Aug 29 - Companies And Insolvency Legislation Delayed Following Request From Industry
Following representations received from the industry, including a request from the Association of Trust and Company Managers (ATCOM), the Government has agreed to extend the date for commencement of the Companies Act to 1 November of this year. The Insolvency Act (together with related regulations) will also be commenced on 1 November. This will ensure that there is a smooth transition regarding the practicalities associated with the new pieces of legislation.
It will be recalled that Government announced on the passing of the Companies Act by Parliament in May of this year that the Act together with Insolvency Act would be commenced on 1 September 2014. However, Government has now agreed to delay publication of the commencement notices to 1 November 2014 notwithstanding that it was ready to proceed.
Minister for Justice, Gilbert Licudi, commented: “The Companies and Insolvency legislation is enormously important to the sector and it is right and proper that we should heed the request of the Industry for more time to ensure that all practitioners have the appropriate systems in place to implement these changes. We would encourage the Industry and Companies House to liaise closely on all relevant practicalities in anticipation of the implementation on 1 November.”
