The Corporate Insolvency and Governance Act 2020 inserts a new Part A1 of the Insolvency Act 1986 (IA 1986) which provides for a new insolvency process whereby directors of insolvent companies, or companies that are likely to become insolvent, can obtain a 20 business day moratorium period (which can be extended up to 40 days maximum). The Act came into force on 26 June 2020. The moratorium is designed to allow viable businesses time to restructure or seek new investment free from creditor action.