Corporate Insolvency and Governance Act 2020—moratorium forms
Corporate Insolvency and Governance Act 2020—moratorium forms

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • Corporate Insolvency and Governance Act 2020—moratorium forms
  • Scope
  • Commencement
  • Extension
  • Termination
  • Replacement of monitor
  • Challenge
  • Disposal of property or goods during moratorium

Scope

The Corporate Insolvency and Governance Act (CIGA 2020) inserts a new Part A1 into 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. This is designed to allow viable businesses time to restructure or seek new investment free from creditor action. The moratorium is overseen by an insolvency practitioner acting as a ‘monitor’, although the directors will remain in charge of running the business on a day-to-day basis (known as a ‘debtor-in-possession’ process, with the company being the ‘debtor’) subject to certain constraints. The intention is to provide a streamlined procedure that keeps administrative burdens to a minimum, makes the process as quick as possible and does not add disproportionate costs on to struggling businesses.

This Practice Note contains links to forms required to commence, extend and terminate the moratorium process. For further reading on the moratorium process, see Practice Notes:

  1. Corporate Insolvency and Governance Act 2020—moratorium

  2. Corporate Insolvency and Governance Act 2020—moratorium extension and termination

Please note that word versions of the forms are available by clicking on the link in the top left of the PDF version of the form.

The court has issued guidance on how CE-filing works for the moratorium, see News Analysis: Corporate Insolvency and Governance Act

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