The UK Corporate Insolvency and Governance Bill, currently progressing through UK Parliament, will have an impact on various stakeholders in the aviation industry once enacted, due to its moratorium, supply contract, and restructuring plan provisions.
KEY FEATURES
The UK Corporate Insolvency and Governance Bill has three key features:
- Moratorium: A new moratorium for companies in financial distress with breathing space which prevents creditors (with some exceptions) from pursuing payment, commencing or continuing legal proceedings, or taking enforcement action whilst the company explores its rescue and restructuring options.
- Supply Contracts: A prohibition on suppliers under certain supply contracts invoking supplier termination claus…
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