The following Pensions practice note provides comprehensive and up to date legal information covering:
On 25 June 2020, after less than 40 days in Parliament, the Corporate Insolvency and Governance Act 2020 (CIGA 2020) received Royal Assent. This Act, which contains far-reaching reforms to UK insolvency law, mostly came into force on 26 June 2020 (subject to paragraph 51 of Schedule 3 coming into force on a day to be appointed).
CIGA 2020 is designed to help companies and other entities stay afloat where they find themselves in financial difficulties as a result of the coronavirus crisis. Among other things, CIGA 2020 includes the following provisions:
introduction of a company moratorium—directors of insolvent companies or companies that are likely to become insolvent can obtain a 20 business day moratorium period to allow viable businesses time to restructure or seek new investment free from creditor action (ie to give the company some breathing space). The moratorium period may also be extended. The moratorium is overseen by an insolvency practitioner acting as a ‘monitor’ although the directors 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’). The moratorium is free-standing; it is not a gateway to a particular insolvency (or any process at all, if the company can be rescued during the moratorium without needing entry into an insolvency procedure)
introduction of a
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