Stage set for major transatlantic conference

This year’s New York New Belfast conference goes online for the first time ever tomorrow (Friday 12 June) as leaders from both sides of the Atlantic explore how both cities can emerge stronger from the coronavirus crisis.

Over 400 delegates will log on to engage in a programme of panel discussions, musical and poetry interludes, and video dispatches from leaders in New York and Belfast. This year’s virtual conference will keep links between NI and North America open and thriving as Covid-19 prevents delegates from gathering together.

Panel discussions will focus on how we reboot our tourism industry, financing the rebuilding effort post-pandemic, business experiences of pivoting to serve their communities, and how tech companies can play their part in the recovery.

The conference will also hear a message of hope from Belfast minister Reverend Livingstone Thompson on the fight against racism, prejudice, and injustice.

Confirmed speakers include:

• Congresswoman Kathleen Rice, US House of Representatives

• Senator Tim Kennedy, New York State Legislature

• Bill Mulrow, Chair of New York Forward Re-Opening Advisory Board

• Alison Metcalfe, Executive VP, USA and Canada, Tourism Ireland

• Conor Murphy MLA, Finance Minister

• Diane Dodds MLA, Economy Minister

• Tom DiNapoli, New York State Comptroller

• Suzanne Wylie, CEO, Belfast City Council

• Jayne Brady, Belfast Digital & Innovation Commissioner

• Shaun T. Kelly, Vice Chairman, The Ireland Funds America, KPMG Ireland

• Gareth Macklin, Managing Director, OBBI Solutions

Danny Moore of Options will speak at the conference about the pandemic relief effort and the Robin Hood Project which is raising funds for frontline workers. He said:

“We are proud to be involved in this year’s conference which brings a whole new meaning to our transatlantic relationships. Working together and strengthening links across the world is even more important in overcoming our collective and shared challenges.

“Despite being physically isolated from each other during the pandemic, there is so much each city can learn in how we react to and rebuild after this crisis. Businesses of all shapes and sizes – including our own – have reacted swiftly to serve our communities and help people and companies get back on their feet.

“The role of business is also crucial in helping recovery efforts, both by generating prosperity through jobs and investment but also by co-ordinating relief efforts like our Robin Hood Project. Across the world, frontline workers have risked their lives in this pandemic and it is only right that we give back in whatever way we can.”.

Conference organiser Connla McCann, Director of Aisling Events, also said:

“This year’s conference is a unique but exciting situation for everyone involved. While we would usually be preparing to travel to New York City at this stage to be together and celebrate the links between Belfast and the US, we have pivoted and adapted to ensure these connections remain active and vibrant. By sharing our experiences and best practice, both cities can emerge from this crisis stronger.

“This year is also an opportunity for those who have been unable to travel with us to New York in the past to be fully involved and engaged. The conference will provide a much-needed uplift and inspire societal change.”

Gareth Macklin, Managing Director of OBBI Solutions, also said:

"I'm delighted to have been given the opportunity to speak to such a distinguished virtual gathering. Since we launched our OBBI platform, we've had interest from all over the world including the United States. Its clear from the feedback, employers are valuing how OBBI allows them to bring their staff back to work safely and effectively with confidence by helping to stay compliant with new rules, training or health screening requirements. We look forward to liaising with the conference attendees and organizers to help as many companies through these difficult times as possible."

The conference is sponsored by NI Bureau, Tourism Ireland, Invest Northern Ireland, Belfast City Council, Obbi Solutions, Options, the Irish American Partnership, the Irish Business Organisation of New York, Cboe Hanweck, Forepont Capital Partners and KPMG.

Registration for the conference is free but attendees are encouraged to donate to the conference’s Covid-19 appeals raising funds for healthcare workers: Meitheal in New York and the Robin Hood Project in Belfast.

To register and for full programme information, visit www.aisling-events.com. 

CO3 welcomes launch of Covid Charities Fund

Nora Smith, Chief Executive, CO3

Reacting to the news that the Covid-19 Charities Fund will be launched on Monday 15 June, CO3 Chief Executive Nora Smith said:

“This is welcome news after 12 weeks of extreme uncertainty and hardship for Northern Ireland’s charity and voluntary sector. While the £15.5m fund won’t reach every organisation which has been affected by the coronavirus, it will provide grant awards to help some of the worst hit who have seen their funding income drop. The eligibility criteria will also hopefully allow as many charities as possible to apply for funding up to £75,000.

“The speedy release of funds is now paramount and must be prioritised to ensure jobs and key services are saved. Charities should be aware that it could take up to four weeks upon receipt of application for funds to be paid and funding is also dependent on demand, therefore it is important to apply for this support as soon as possible.”

Further Education sector can play a vital role in economic recovery

Michael McAlister, Chief Executive, South West College

Further Education Colleges in Northern Ireland have a key role to play in helping to rebuild the economy after coronavirus, MLAs heard today.

Principals from three of Northern Ireland’s colleges told Stormont’s Economy Committee that the sector can play a crucial role in supporting businesses to recover and rebuild, by ensuring Northern Ireland continues to have high numbers of people who are skilled and work-ready.

Michael McAlister, South West College; Leo Murphy, North West Regional College and Louise Warde Hunter, Belfast Metropolitan College were briefing Stormont’s Economy Committee, earlier this morning.

The principals also stated that they are working closely with the Department for the Economy to look at how vocational learning can resume as soon as it is safe to do so. At present, there is a significant number of students who cannot complete work-based qualifications due to lockdown measures.

The importance of apprenticeships in ensuring economic recovery was also stressed, with the college Principals calling for apprenticeships to be protected and promoted. Higher level apprenticeships have been recognised as a key driver in ensuring skills needs are met in Northern Ireland and that there is a pool of talent that employers can draw upon.

Speaking after briefing the Economy Committee, Michael McAlister, Chief Executive, South West College said:

“As we move out of lockdown, the economic challenges we face as a society are enormous, but the Further Education sector can play a crucial role in our economic recovery.

“Further Education colleges must be supported to continue to provide apprenticeships and other opportunities to support employer needs and ensure that also students moving from education have real employment opportunities. 

“Latest figures have shown that there could be around 50,000 redundancies in Northern Ireland. It is therefore imperative that we focus on how our sector can ensure the right skills mix is developed to support key industries to grow post-pandemic.”

The six Colleges in Northern Ireland currently support over 61,000 individual students across 29 campuses and contribute around £126 million into the economy in salaries and wages. One of the key aims of the sector is to promote social inclusion as well as support economic growth.

Louise Warde Hunter, Principal and Chief Executive, Belfast Metropolitan College added:

“A core objective of the Further Education sector is to improve social inclusion. This is an area where our value to society is unquestionable. In the 2018-2019 academic year, almost 43 per cent of our regulated enrolments came from two of the most deprived wards in Northern Ireland. We are proud of this but know we have much more work to do.

“Support for the most disadvantaged communities is critical and as we enter the recovery phase, it is more important than ever that no one is left behind and everyone has access to learning opportunities that can lead to a sustainable career.”

The principals also outlined that a significant majority of the jobs which are keeping the Northern Ireland economy going now are professional and technical. That includes key roles in health and social care, construction, manufacturing, and IT.

Leo Murphy, Principal and Chief Executive, North West Regional College added:

“In the past couple of months, it has become evident that many of the industries that have been keeping our economy going from healthcare to food production to manufacturing, are highly vocational. 

“Many of our former students are now working in these frontline roles and serving their communities and keeping the economy going. In the past number of months, staff and students have also developed PPE on a large scale to support the frontline fight against coronavirus. 

“As we look to rebuild, the programmes offered at our colleges including Foundation Degrees and Higher-Level Apprenticeships will be vital for employers who require a skilled workforce with the technical skills and expertise to meet the challenges of the future.”

“Let’s take this outside”, says Hospitality Ulster as NI Executive stays silent on re-opening of hospitality sector

Colin Neill, Chief Executive of Hospitality Ulster

The hospitality sector in Northern Ireland has heaped further pressure on the NI Executive this week on the need to allow for outdoor trading for pubs and restaurants after it failed to come to any decision on the re-opening of the sector at its most recent meeting on Monday.

The call for a creative response to the devastating situation faced by the hospitality sector has been sounded loudly by Hospitality Ulster who says that time is running out and that we can’t let the days go past and do nothing about the drastic place it has found itself in due to Covid-19.

The hospitality sector received a body blow earlier this week as the green light was given to large retail to re-open with smaller retailers from this Friday with zero mention of pubs and restaurants. This has been compounded by the progression of plans in the Republic of Ireland moving forward and getting back to business quickly. Many have been left wondering why, and what different information, is holding back the decision in Northern Ireland to get on with it, despite no recorded instances of the virus detected for several days now.

Colin Neill, Chief Executive, Hospitality Ulster said:

“The industry is ready to get back to business in a safe and responsible way. Livelihoods and jobs are at stake. Many are keen to seize the initiative and bring a creative approach in their fight for survival. With support from government and innovative thinking from businesses and local authorities, many could reopen and at least be sustainable until restrictions are reduced.”

“The drive to adapt and ‘take it outside’ means that the concerns around social distancing are largely taken care of as people can spread out, and all and every health and safety precaution can be implemented. We have so many vast unused open spaces at the minute as people largely remain at home, so we need our elected representatives and the Executive to get its act together and save the summer – one of the busiest trading periods of the year.”

“Many pubs and restaurant owners are looking at spaces they have at their disposal and close by their premises, creating parklets or bespoke outdoor seating areas such as those see in other European cities. We are so far behind in this despite the wealth the industry generates for the economy.”

“We still have had nothing out of the Executive, we are still largely in the dark, yet Ministers always talk about hospitality and tourism being one of the most important sectors here. We welcome the opening of retail stores, but the hospitality sector also plays a vital role in both our social and community lives, addressing loneliness and providing a space for communities to meet, especially at these difficult times.”

Derry Chamber welcomes retail announcement but more clarity needed for hospitality sector

Paul Clancy, Chief Executive, Londonderry Chamber of Commerce

Reacting to the Economy Minister’s announcement that all non-essential goods retailers in Northern Ireland can reopen from this Friday 12 June, Londonderry Chamber Chief Executive Paul Clancy said:

“This is very welcome news for our regional economy and local businesses. High street retailers have been one of the most severely hit by the lockdown and it is excellent news that the Executive has agreed to mirror the Republic of Ireland’s accelerated reopening plan which was announced over the weekend. By not aligning our reopening timelines north and south, we seriously risked shops and businesses in Derry and the North West being unfairly disadvantaged over their counterparts in Donegal and beyond, and many local retailers will be relieved by today’s announcement.

“The next step to rebuilding our regional economies will be providing more clarity and hope to our tourism and hospitality sectors. Local pubs, restaurants and hotels, especially those in border areas like the North West, will lose out on customers and to businesses in the south if their dates to reopen are not similarly brought forward. While today brings some good news for our local shops and small retailers, we are still urging the Executive to support our hospitality and tourism sector by mirroring the Republic of Ireland and letting them get back to business sooner.”  

Hospitality Ulster expresses extreme disappointment as no re-opening date set yet by NI Executive

Colin Neill, Chief Executive, Hospitality Ulster

Hospitality Ulster has said that it is “extremely disappointed” that the NI Executive has still not come to a decision on a date for the re-opening of the sector despite having the opportunity at its latest meeting to settle on a timeframe.

The lack of clarity over the re-opening comes at a time when the Republic of Ireland presses ahead with a programme and details around their move to the next stage of their restriction lifting plan. The organisation has claimed that the lack of a re-opening date is adding to the pressures of the sector as meetings go by without any further resolve.

Colin Neill, Chief Executive of Hospitality Ulster reacted:

"It is extremely disappointing that another Executive meeting has come and gone with no decision being made on a date on the re-opening of our industry in Northern Ireland.”

“We urgently need the hospitality sector to be re-opened to save thousands of jobs. We have extensive health and safety plans in place to protect our staff and customers. It is imperative that our supply chain is given a date so that we can ensure that everything is in place for trading once again.”

“The longer the lack of a re-opening date goes on, the more of a negative impact it will have.”

“We have seen the clear direction provided in the Republic of Ireland and GB. It is now imperative that our Executive provides an immediate date for the reopening of the industry here.”

“The longer we go on like this, the more jobs will be threatened, and the sustainability of many businesses will come under even greater pressure. Already many in our sector are experiencing serious cash flow issues, and any reserves left are going towards the likes of top ups of furlough payments. We will put health and safety first, but it is now a matter of survival and our Executive must make a decision this week, before it is too late.”

Major technology conference BelTech goes virtual for first time

Lead Curator of BelTech, Tom Gray, Chief Technology Officer at Kainos.

The seventh annual BelTech Conference will go online between Monday 22 June and Thursday 25 June this year.

Every year BelTech brings together leaders from the technology and business sectors and plays a lead role in promoting the emerging technology sector in Northern Ireland. As well as championing latest developments in tech, it will look at how the sector has played a critical role in supporting business resilience during the COVID-19 lockdown.

BelTech will also examine what role the technology sector can play in a post-COVID era and how it can help the economy bounce-back.

The conference programme is curated by Tom Gray, Group Chief Technology Officer of Kainos and sponsored by Allstate, Options Technology, Invest Northern Ireland, Hays Recruitment, Expleo Group Digital Labs, Unosquare and Belfast City Council.

Lead Curator of Beltech, Tom Gray, Chief Technology Officer at Kainos said:

“When the pandemic struck, we decided to postpone the conference, however it became clear quite quickly that it would be a long time before we could host BelTech again in the usual way. It feels like a natural progression for us to move the event online, meaning we can reach more people and encourage wider learning and sharing of knowledge.

“COVID-19 has created pressure on many areas of life, but the use of technology has played an important role in allowing many of us to keep in touch with loved ones, work from home, order food and supplies, and keep updated on the latest public health advice. Over the past few months, the acceleration of the use of emerging technologies such as Cloud-based services, and Artificial Intelligence has enabled many companies to continue operating remotely with staff working from home.

“BelTech now comes at a time when we are looking towards economic recovery and the conference will help develop new partnerships between the tech sector and business leaders. Technology will be even more critical to how our economy evolves in the coming months.

“The Northern Ireland tech sector is agile and adaptable to change, with many seasoned experts within the network. Its real worth is only beginning to be understood as we have come to rely on it so heavily in recent months.  It is a sector that must be supported and invested in.”

Lord Mayor of Belfast, Alderman Frank McCoubrey said:

“We’re delighted to be supporting BelTech again this year and pleased to see that it’s going ahead as a free to access online event which will enhance its reach and inclusivity.

“Tech is such a strong sector of our city’s economy and we have ambitions to become genuinely world class in digital innovation, with investment from the Belfast Region City Deal. For that to happen, we need to facilitate engagement, collaboration and knowledge sharing between businesses, education and our public sector – BelTech plays a key role in that.”

The conference this year is free, but those who would like to attend must register. For further information on Beltech please visit www.beltech.co

Brown O'Connor Communications Weekly Look Ahead: Week Commencing 8 June

Forward Look

• Former NI Chamber President, Ellvena Graham is to chair the recently reconvened Economic Advisory Group, which will consider how the wider economy rebuilds during recovery.

• The Executive confirmed that several changes to the Coronavirus Regulations which were announced last week will be introduced from Monday. This includes the reopening of a limited number of retailers.

• Taoiseach Leo Varadkar is today expected to announce that Ireland will move to Phase 2 on the roadmap to easing lockdown restrictions on Monday 8 June. He has said a “slow and steady”approach is best.

• Economy Minister Diane Dodds MLA announced that hotels and tourist accommodation will be allowed to reopen on 20 July. Holiday parks, self-catering properties and caravan parks may open earlier than 20 July, depending on scientific advice. She also confirmed that the tourism industry will initially focus on attracting domestic business and said that the Executive will give thought to reducing the 2m social distancing guidance.

• Minister Dodds is to update the Executive on the closure of the RHI scheme imminently. Proposals on the future of RHI are due soon.

• The Legislative Consent Motion on the Corporate Insolvency and Governance Bill which was introduced by Economy Minister, Diane Dodds MLA in the Assembly passed. It is expected to receive Royal Assent in the coming weeks.  

• Health Minister Robin Swann MLA is to publish a detailed blueprint for rebuilding the Health and Social Care sector. This will be aimed at maximising services while embedding innovation and transformation across the sector.

• The Department of Health is to publish the ‘R’ rate every Thursday. It is currently said to be sitting at between 0.7 and 0.9.

• The Executive is drawing up quarantine regulations. First Minister, Arlene Foster MLA has said anyone travelling into NI from outside the Common Travel Area will have to self-isolate for 14 days or face a £1,000 fine. People flying into Dublin and on to NI will be expected to self-isolate.

• Several Mayors and Chairs have been appointed in NI Councils. The current list of new appointments so far can be viewed here.

• The Planning Appeals Commission is trialling video hearings in selected cases over the next four to six weeks, with a view to rolling out that format.

• Attorney General, John Larkin’s term is due to expire at the end of the month however, the Executive Office has confirmed “it is looking at options to ensure continuity in maintaining responsibilities” of the Attorney General.

• The Bank of England Governor, Andrew Bailey has told banks to step up plans for a no-deal Brexit.

• Talks aimed at forming a government in the Republic of Ireland are ongoing. The next few days are said to be crucial.

• The Department for the Economy has announced the appointment of three new members to the Board of the Consumer Council for Northern Ireland. June Butler, Gerry McCurdy and Alan O’Neill have been appointed new members, with the appointments commencing on 1 April 2020 for a three-year period.

• The Economy Committee will receive a briefing from Chief Executives of the Further Education sector in NI on Tuesday 9 June. Michael McAlister, South West College; Leo Murphy, North West Regional College and Louise-Warde Hunter, Belfast Metropolitan College will outline the impact of Covid-19 on the sector.

• The Economy Committee will also receive a briefing from the Association of British Insurers on Monday 8 June. Retail NI and NI Retail Consortium and the Construction Employers Federation will brief them on Wednesday 10 June.

• The Finance Committee will receive a briefing from Permanent Secretary, Sue Gray on Wednesday 10 June.

• Secretary of State, Brandon Lewis MP will give evidence to the NI Affairs Committee on ‘Unfettered Access: Northern Ireland and customs arrangements after Brexit’ on Thursday 11 June.

• The 11th Annual ‘New York-New Belfast’ Conference will take place online on 12 June. Confirmed speakers include members of the US Congress, New York’s state legislature and City Council, those leading New York’s political and medical response to the virus, and NI Executive Ministers and local MPs. For more information and registration click HERE.

• Belfast City Council will next meet on Wednesday 1 July. 

Other Stories This Week

• Minister Swann announced a £11.7 million package of support for care homes, including funding for sick pay for staff.

• The Assembly passed a SDLP motion calling for an extension to the Brexit transition period. A similar motion failed to get the support from the Executive however, they have agreed to revisit this issue at the end of the month.

• Ulster University’s Economic Policy Centre predict economic output could fall by 12.7% in 2020 and approximately 249,000 workers could be either laid off or furloughed.

• Belfast City Marathon which was rescheduled to take place in September has been cancelled.

• Secretary of State, Brandon Lewis MP has said he will not alter NI’s abortion regulations. A DUP motion which criticised the rules and their application to non-fatal disabilities like Down's Syndrome passed in the Assembly.

• The House of Lords released a report on “The Protocol on Ireland/Northern Ireland” which provides a detailed analysis of the revised Protocol.

• First Derivatives has appointed David Humphries as Global Chief Operating Officer.

• Consultation has begun on up to 500 redundancies at Thompson Aero Seating in Portadown.

• MPs defeated a motion to restore remote voting in the House of Commons. Several NI MPs have said they will not be travelling to Westminster until it is safe to do so.

• The Court of Appeal quashed the Boundary Commission’s previous report into proposed changes to Westminster constituencies in NI.

• Labour MP, Rosie Duffield resigned from the frontbench after it was revealed she had broken lockdown rules.

• Downing Street is to scrap the weekend Coronavirus press briefings.

Consultations

• Consultation on Further Education Support and Charging Policy at the College of Agriculture, Food and Rural Enterprise (CAFRE) DAERA. Deadline 11 September.

• Consultation on Parental Bereavement Leave and Pay Department for the Economy. TBC.

Childcare sector absolutely crucial to safe, economic and emotional recovery in NI, says NILGA

Cllr Frances Burton, President, NILGA

NILGA’s President, Councillor Frances Burton, has called for an urgent review of support for the Childcare Industry in NI having received clear data on the value – and fragility – of this sector to the economy and wellbeing of the region.

Speaking on the issue today, Councillor Frances Burton stated:

“With 60,000 registered places across NI, without doubt there is public recognition of the importance of childcare in its various forms in normal society but particularly now, as part of getting our country safely back to work. The recognition can be cemented with greater policy clarity and with resources.

“As the childcare needs of children and their parents are central to physical / mental health, to wellbeing and to economic renewal, I would support many of the recommendations made by Early Years, the independent childcare group.

“NILGA endorses the view that childcare should be recognised as an integral component to the Executive’s Five Stage recovery plan and sees great benefit in the Departments of Finance, Health and Education working together, supported by local information drawn from providers across NI, so that further support can be targeted where there is greatest need.”

Councillor Burton has requested that NILGA’s all council Health, Social and Environmental Wellbeing Policy & Learning Network, in June, works with its Economy Network to ensure that an integrated, locally informed, cross council needs analysis is done – with input from the childcare sector itself. 

Councillor Burton added, “As a mother and as an elected member, I know how fragile yet vital the sector is for those who rely on its services, for the diligent employees playing yet another essential Covid front line role and for the safe, economic and emotional recovery Northern Ireland needs at this time”.

Corporate Insolvency and Governance Bill: Legislative Consent Motion

The Corporate Insolvency and Governance Bill was approved in the Northern Ireland Assembly today. Despite being a devolved matter, the Economy Minister, Diane Dodds outlined that it was Department policy to maintain parity with legislation made at Westminster. Taking similar legislation through the Assembly would take many months. As a result, the Economy Minister sought the Assembly's approval for the Westminster Bill to include the same amendments to Northern Ireland's legislation as are being introduced in Great Britain, allowing local businesses to take advantage of emergency measures at the same time as those in Great Britain.

Introduction:

• The Bill has three main sets of measures to achieve its purpose. First, it will introduce greater flexibility into the insolvency regime to give companies breathing space to explore options for rescue while supplies are protected. Secondly, it will temporarily suspend parts of insolvency law to support directors trading through the emergency without the threat of personal liability and to protect companies from aggressive creditor action. Thirdly, it provides companies and other bodies with temporary easements on procedures for company filing and statutory meetings.

• The Bill, as introduced in Westminster, comprises a total of eight provisions aimed at assisting business. Three, which had already been consulted on, are to be permanent. The other five measures provide for a temporary relaxation of some aspects of insolvency and company legislation.

• The Bill will provide companies with the support and assistance that will help them to avoid insolvency during this period of economic uncertainty and maximise their chances of survival.

Provisions of the Bill:

• The first measure, which is intended to be permanent, involves amendments to insolvency legislation. It is to provide a free-standing moratorium to companies. Secondary legislation will follow to extend that to mutual societies. That will give struggling businesses a formal breathing space to explore the feasibility of a rescue or restructuring plan. It creates a 20-day moratorium during which no legal action can be taken against the company by creditors without leave of the court. That period can be further extended with the agreement of the court. During the moratorium, the company directors will still be in charge, although they will be supervised by a monitor who will be a licensed insolvency practitioner.

• The second permanent measure relates to termination clauses in supply contracts. When a company enters an insolvency or restructuring procedure, suppliers will often either stop or threaten to stop supplying the company with essential goods or services. The supply contract normally gives them the right to do that, but it can jeopardise attempts to rescue the business. Provisions in the Bill will mean that suppliers will not be able to jeopardise a rescue in that way.

• The third of the measures that are intended to be permanent takes the form of amendments to company legislation and will result in the creation of a new procedure for restructuring. The new procedure will assist companies that, whilst viable, struggle with debt obligations. It will allow courts to sanction a plan that binds all creditors to a restructuring plan, if it is considered fair, equitable and in the interests of creditors. Again, that will be extended to some mutuals by secondary legislation, with modifications to protect their unique position as member-owned and controlled organisations.

• The remaining provisions are temporary in nature, and all are time-bound. The first three relate to changes in insolvency legislation.

• The first relates to the suspension of wrongful trading. At present, a court may order a director to be held personally liable where a company continues trading and the director knew or should have known that the company could not avoid insolvency. The Bill will temporarily remove that threat and, as a result, remove the pressure on directors to close what may be otherwise a viable business. The provision will extend until 30 June 2020 or one month after the Bill comes into force, whichever is later, although it may be extended by secondary legislation if deemed necessary.

• The next measure helps struggling businesses by temporarily removing the threat of winding-up proceedings where unpaid debt is due to COVID-19. It also introduces temporary provisions to avoid statutory demands issued against companies during the emergency. The measures will give businesses the opportunity to reach realistic and fair agreements with all creditors. It will also extend until 30 June or one month after the Bill comes into force, whichever is later, and can be extended by secondary legislation, if necessary.

• The final insolvency provision will give the Economy Department or the Secretary of State for Business, Energy and Industrial Strategy with the consent of the Department the power to regulate to make temporary amendments to company or insolvency legislation. That would be done to keep to a minimum the number of businesses forced into an insolvency or restructuring procedure. For example, regulations could be made to change the eligibility conditions for insolvency or restructuring procedures. They could provide for the procedures not to apply or to apply in a modified form in particular cases. Any temporary changes made under the regulations must be removed as soon as the COVID-19 emergency no longer impacts on corporate insolvencies or insolvency procedures.

• The power will expire in April 2021, although it may be extended, if absolutely necessary, by further legislation.

• The final two amendments deal with temporary changes to company legislation.

• The first deals with annual general meetings, which are central to good corporate governance. Current social-distancing restrictions do not permit large gatherings. As a result, many companies cannot hold those meetings in accordance with their constitutions. The measure temporarily allows those companies to extend the period within which the meeting must be held or allow the meeting to be held by other means. That may be via electronic means, so that all participants do not have to be at the same physical location at the same time. Mutuals will also be able to take advantage of similar arrangements, with some minor modifications to reflect the different legislative requirements.

• ·The final measure relates to filing requirements at Companies House. Companies are required to make a number of different filings by fixed deadlines at Companies House each year. Missing the deadline automatically results in a financial penalty. Companies House has already done all that it can under existing law to offer extensions to those deadlines. The Bill allows for further extensions, enabling struggling businesses to focus on the things that matter most while they have reduced resources and restrictions in place.