Executive Summary
- New legislation will introduce permanent and temporary reforms to the UK restructuring and insolvency regime
- Permanent reforms: company moratoriums; restructuring plans; the prohibition of insolvency termination clauses in supply contracts
- Temporary reforms: suspension of the director wrongful trading offence; restriction on the service of statutory demands and winding up petitions
Overview
On 20 March 2020, the UK Government published its Corporate Insolvency and Governance Bill (the CIGB). When enacted, the new legislation will see the most extensive reforms to the UKs restructuring and insolvency regime in more than 15 years.
The CIGB introduces both (a) permanent reforms and (b) temporary reforms specifically de…
Read the full article at: https://www.jdsupra.com/legalnews/covid-19-new-uk-corporate-insolvency-49602/