AIM Relaxes Rule Due to Coronavirus

27th March 2020 Corporate

AIM have today confirmed that they are prepared to relax AIM Rule 19 because of the impact of the Coronavirus.

AIM Rule 19 requires an AIM company to publish its audited annual accounts within six months of its year end.  This period aligns with the deadline to file accounts at Companies House set out in the Companies Act 2006.

Because of the impact of the Coronavirus and social isolation rules on the ability of companies to complete their audits, the government has decided to allow companies to apply for a three month extension to their filing deadline. 

To reflect the government’s decision and the current circumstances generally, the AIM companies will now be able to apply to AIM for a three month extension to the AIM reporting deadline as well, if their financial year end is between 30 September 2019 and 30 June 2020.  This application needs to be made by the company’s Nomad prior to the expiry of their current reporting deadline.

AIM have also indicated that they are keeping the AIM rules under review generally, in particular the requirement for publication of half-yearly accounts under AIM Rule 18.

This article is for general guidance only and should not be used for any other purpose. It does not constitute and should not be relied upon as legal advice.

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John Young is a Partner located in Londonin our Corporate and Commercial department

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