One of the new rules relates to filing requirements. Companies are required to make several 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 it can under existing law to offer extensions to those deadlines. Over 70,000 companies have taken advantage of this flexibility already, but they may need more.
The Act allows the Secretary of state temporarily to make further extensions enabling struggling businesses to focus on the things that matter most while they have reduced resources and restrictions.