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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. 

The main 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



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