Keith Steven of Company Rescue explores and comments on the new Corporate Insolvency and Governance Act which came into force at the end of June 2020
The new Corporate Insolvency and Governance Act came into force for companies in the UK and Northern Ireland to give distressed businesses breathing space and focus their efforts to ensure they are able to operate post-pandemic.
This becomes the largest change to the UKs corporate insolvency regime in more than 20 years. So, what has come into play?
Permanent:
New moratorium period
This is an extendable 20 working day period to businesses giving them protection from creditor action whilst they seek professional advice. Companies are thus given a payment holiday for pr…
Read the full article at: https://www.openaccessgovernment.org/the-new-corporate-insolvency-and-governance-act/90192/