The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis.
CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of the draft legislation in May. CIGA is part of the Governments response to the COVID-19 crisis and introduces a number of debtor friendly measures to English restructuring and insolvency law, which up to now has been regarded as creditor friendly.
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