Our latest primer takes a closer look at the Corporate Insolvency and Governance Act (CIGA), the UK’s new ruleset that introduces new guidelines for companies in financial distress as a result of the economic crisis brought on by the Covid-19 pandemic.
What is CIGA and what does it do?
In June 2020, the UK Corporate Insolvency and Governance Act (CIGA) took effect, making both permanent and temporary changes to the restructuring landscape. CIGA is largely modeled on the English scheme of arrangement but with significant changes and enhancements. Some of the permanent changes include new moratorium protections, the abolition of ipso facto clauses from certain contracts and the creation of a restructuring plan.
Read the full article at: https://www.iflr.com/article/b1p2xr0skyqdvr/primer-the-uk-corporate-insolvency-and-governance-act-ciga