The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
STOP PRESS: The Corporate Insolvency and Governance Act (CIGA 2020) is in force from 26 June 2020. The government has legislated to temporarily prevent winding up proceedings being taken on the basis of unsatisfied statutory demands and to temporarily stop winding-up proceedings where coronavirus has had a financial effect on the company which has caused the grounds for the proceedings. The CIGA 2020 provides that a winding-up petition based on section 123(1)(a) of the Insolvency Act 1986 (IA 1986) (ie an unsatisfied statutory demand in respect of a debt exceeding £750) that relates to a statutory demand served on or after 1 March 2020 cannot be presented by a creditor during the period beginning on 27 April 2020 (it has retrospective effect) until 30 September 2020. A petition may not be presented unless the creditor has reasonable grounds for believing that (a) coronavirus has not had a financial effect on the debtor, or (b) the debtor would have been unable to pay its debts even if coronavirus had not had a financial effect on the debtor. For further details, see News Analysis: Corporate Insolvency and Governance Act 2020.
This note aims to:
provide practical guidance to creditors owed money by a distressed/insolvent company
explain the position of creditors in most types of corporate insolvency situations
provide advice on what a creditor can do to maximise
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