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What are the changes to the UK corporate insolvency framework proposed in the recent consultation launched by the Insolvency Service? What might the consequences of the new cram down procedure and the rescue finance proposal be?
Proposals to bolster the insolvency regime
The government is consulting on four proposals designed to improve the existing corporate insolvency regime. The intention is to enable more corporate rescues of viable businesses and ensure the insolvency regime delivers the best outcomes. One of the proposals is to create a new moratorium which will provide companies with an opportunity to consider the best approach for rescuing the business while free from enforcement and legal action by creditors.
The government is consulting on four proposals which would significantly change the options available to a company in financial distress. The proposals are:
The consultation proposes a new automatic and standalone moratorium that would be available to all businesses (except for insurance companies, banks and other companies involved in specific financial market transactions) lasting for up to three months, with the possibility of an extension. The rationale behind the standalone moratorium is that it would provide debtors with time to negotiate a restructuring without the threat of individual creditors taking precipitous individual action. The key features are:
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