The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
Spurred on by the coronavirus (COVID-19) pandemic, the government pushed through the Corporate Insolvency and Governance Act 2020 (CIGA 2020). The government previously consulted on proposed changes to the UK’s insolvency regime and published its response on 26 August 2018 (see News Analysis: Exploring the government’s response to the insolvency and corporate governance consultation). The CIGA 2020 largely follows the conclusions set out in the government’s response.
Among the reforms, CIGA 2020, s 7 and Sch 9 introduce a new Part 26A of the Companies Act 2006 (CA 2006)—Arrangements and Reconstructions for Companies in Financial Difficulty (a ‘restructuring plan’) from 26 June 2020 which is also supported by the Practice Statement (Companies: Schemes of Arrangement under Part 26 and Part 26A of the Companies Act 2006)(Practice Statement 2020) and the Explanatory Notes prepared by the Department for Business, Energy and Industrial Strategy (which are admissible as an aid to the interpretation without needing to show that the legislation is ambiguous or unclear per Snowden J in Re Virgin Atlantic Airways applying Re Flora v Wakom (Heathrow) Ltd).
We have already seen several corporate failures around the world linked to coronavirus. Some of the reforms implemented by the CIGA 2020 have been in the pipeline for several years, including the new tool for struggling companies—a restructuring plan. The CIGA 2020 restructuring plan
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