- Impact of coronavirus (COVID-19) on corporate insolvency—scope of the statutory moratorium on issuing a winding-up petition under the Corporate Insolvency and Governance Act 2020 (Citibank v Specialty Steel)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Restructuring & Insolvency analysis: Under Schedule 10 to the Corporate Insolvency and Governance Act 2020 (CIGA 2020), a creditor of an insolvent company can only present a petition to wind up the company if (a) coronavirus (COVID-19) did not have a financial impact on the company, or (b), even if it did, the company could be wound up anyway. This case concerns three English companies facing winding-up petitions following the failure of working capital financing during the pandemic, with each seeking to rely on that statutory protection to resist winding up. Written by Anna Peccarino, partner, and Bryan Little, senior associate, at Travers Thorp Alberga.
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