London Registrars

As recently disclosed by Companies House, for filing deadlines that fall after 5 April 2021, the automatic extensions granted by the Corporate Insolvency and Governance Act 2020 (CIGA 2020) will come to an end. These automatic extensions applied to accounts, confirmation statements, event-driven filings and mortgage charges. However, for accounts filing deadlines that do fall after this date, eligible companies will still be entitled to apply for an extension of three months. What is the background of CIGA 2020? The Corporate Insolvency and Governance Act 2020 received Royal Assent on 25 June 2020, with nearly all its provisions taking effect from the following day. The Act comprises eight measures divided between permanent changes to the UK insolvency regime, and temporary alterations to insolvency law and corporate governance, to help struggling businesses survive the coronavirus crisis. Most of the Act’s temporary measures for protecting businesses had retrospective effect from...

  While the importance of professional indemnity insurance for a wide range of business owners and those providing a service is well understood, you may not be so familiar with the concept of run-off cover. Indeed, there is sometimes a temptation to incorrectly regard run-off insurance as representing something significantly different to ordinary professional indemnity cover. “Claims made” vs. “claims occurring” protection To understand how run-off insurance works, it is important to appreciate the “claims made” nature of the protection it provides. The professional indemnity cover that your business may already have in place will be underwritten on what is called a “claims made” basis, rather than a “claims occurring” one. This means that your policy will respond to a claim – or an event possibly leading to a claim – that the insurer is first notified of while the policy is actually in force. In other words, the policy will respond to a claim made during an ins...