The following Restructuring & Insolvency practice note Produced in partnership with Rebecca Walker of Irwin Mitchell LLP provides comprehensive and up to date legal information covering:
STOP PRESS: The Corporate Insolvency and Governance Act 2020 (CIGA 2020), in force from 26 June 2020, abolishes the moratorium procedure for small companies under Schedule A1 to the Insolvency Act 1986 (IA 1986) to make way for the new standalone moratorium procedure. For further details, see Practice Notes: Corporate Insolvency and Governance Act 2020—impact on CVAs and Corporate Insolvency and Governance Act 2020—moratorium.
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 IA 1986, s 123(1)(a) (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 31 December 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
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BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
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