This note summarises the duties that directors of companies incorporated in England and Wales are subject to.

This note explains those duties, and matters that directors should consider in relation to them, in the context of the COVID-19 pandemic.

The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID

In this article, Catherine Addy QC, Rebecca Page, Rosanna Foskett and Rowena Page examine the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 (“CIGA Extension Regulations 2021”) which came into force on, 26 March 2021, and further extend the suspension of wrongful trading liability - almost a year since the Government announced, on 28 March 2020, the range of measures aimed at protecting companies affected by COVID-19 and their directors, as they tried to steer businesses through the choppy waters which were then anticipated to

On 18 March 2021, the UK Government published its long-awaited white paper on restoring trust in audit and corporate governance.

This follows a series of high-profile audit errors and major corporate collapses, including those of BHS in 2016 and Carillion in 2018, which led the Government to commission three independent reviews into different aspects of the UK’s audit, reporting and corporate governance systems.

The white paper targets large listed and AIM-listed companies, and large private companies where there is a public interest, and primarily focuses on:

On 24 March 2021 regulations were laid before parliament to further extend the protections introduced under the Corporate Insolvency and Governance Act 2020 (CIGA). CIGA originally introduced a number of measures designed to protect companies and directors who were struggling during the pandemic. These measures had originally been implemented to expire at the end of September 2020 but had been subject to two further extensions previously, and have now been extended further.

European Real Estate Finance: Market Update – Q1 2021 March 2021 Authors: Jeffrey Rubinoff, Dr. Thomas Flatten, Thierry Bosly, Hadrien Servais, Carl Hugo Parment, Fernando Navarro, Christophe Goossens, Julio Peralta, Angel Calleja, Aurélie Terlinden, Alexandra Stolt, Amitaben Patel & Brendon Vyas Further information on the response to COVID-19 can be found here, and we also have a German-language article, available here, looking at the impact on commercial leases. LIBOR Discontinuation Much has happened in the world of LIBOR Discontinuation since our last update.

The Government has issued a consultation paper regarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator.

In addition to the extension to the commercial eviction ban until 30 June 2021, the UK Government has now also extended the moratorium on commencing winding-up proceedings until 30 June 2021.

You may view the regulation from the UK Government at gov.uk.

Asenior employee of a company no matter how malfeasant, fraudulent, dishonest, incompetent, or inept they have proved themselves to be in the performance of their role cannot be disqualified under section 6 of the Company Directors Disqualification Act 1986 unless they were one of the company's directors or shadow directors.

In the world of companies, therefore, disqualification for unfitness following insolvency is the sole preserve of directors and those in accordance with whose direction or instruction the directors are accustomed to act.

BITE SIZE KNOW HOW FROM THE ENGLISH COURTS

The Commercial Disputes Weekly will be taking a short break, returning on 6 April.

We appreciate that our clients, partners and friends are currently facing unprecedented challenges as a result of the spread of the COVID-19 virus. Click here for a message from our Managing Partners, and here for all of our latest updates and articles on the subject. If you have any questions or require support, please do not hesitate to speak to your usual contact at WFW.