Bloomsbury Professional Law Insight - Corporate Insolvency and Governance Act 2020

Description

Having gone through an accelerated parliamentary process, the Corporate Insolvency and Governance Act 2020 came into force on 26 June, 2020 having been given Royal Assent on the 25 June, 2020. It introduces the most significant changes in corporate insolvency law for nearly 20 years and has been introduced in response to COVID-19. Its main aim is to assist companies and directors by providing businesses with the flexibility and breathing space they need to continue trading during the difficult time caused by COVID-19. The key insolvency related reforms included in the Act are: - New moratorium outside of a formal insolvency process - New restructuring plan - Prohibition on issuing statutory demands and winding up petitions in connection with Covid-19 related debts - Retrospective suspension of wrongful trading - Protection of supplies of goods and services

Simon Beale is the Head of the insolvency practice at Mcfarlanes. He has more than 22 years' experience of advising on corporate restructuring and recovery issues. Simon acts for troubled companies, their directors and shareholders and for the major financial creditors of such entities. His clients also include distressed debt investors, insolvency officeholders and a variety of other parties with an interest, or potential interest, in the troubled company's business. Simon is the co-author of the Insolvency and Restructuring Manual published by Bloomsbury Professional.

This is a welcome publication...It provides a valuable (and cost effective) addition to the library of any insolvency practitioner. * Insolvency Intelligence *