01 July 2020
The Corporate Insolvency and Governance Act 2020
The Corporate Insolvency and Governance
Act 2020 (“CIGA”) which came into force on 26th June 2020. New
legislation had been on the horizon for the past few years but has been fast
tracked through Parliament due to the Covid-19 crisis and the devastating
impact that it has had and will have on the UK economy.
objective of CIGA is to help UK companies which need to undergo a financial
rescue or restructuring process to keep trading. A number of permanent and
temporary measures have been introduced in order to give those firms extra time
and space to weather the storm and be ready when the crisis ends, whilst
ensuring that creditors get the best return possible in circumstances.
Further details and guidance in
relation to CIGA is now available on the UK Government website at https://www.gov.uk/government/publications/corporate-insolvency-and-governance-act-2020