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<p>The wrongful trading provisions were temporarily suspended in March at the height
of the pandemic when many businesses across the country were required to close. The
temporary suspension gave company directors the confidence to continue trading while
considering their options, giving them time to access the financial support introduced
by Government. It was further extended in May to 30 June, and then again to 30 September,
during the passage of the Corporate Insolvency and Governance Act 2020 in Parliament.</p><p>
</p><p>Since the suspension was first introduced businesses have received billions
in loans, tax deferrals, Business Rate reliefs, and general and sector-specific grants
to support them and help save jobs, and the Government’s recently launched Winter
Economy Plan has a further package of targeted measures to continue that support.</p><p>
</p><p>In addition, a range of temporary measures to protect businesses from insolvency
have been further extended.</p>
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