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Corporate Insolvency and Governance Act 2020

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Latest Restructuring & Insolvency News

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Portugal

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Portugal

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Portugal

Retrospective administration orders when faced with a defective administration extension (Duffy v Mederco (Cardiff))

Retrospective administration orders when faced with a defective administration extension (Duffy v Mederco (Cardiff))

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Retrospective administration orders when faced with a defective administration extension (Duffy v Mederco (Cardiff))

No basis for freezing order to continue post-recognition (Protasov v Derev)

No basis for freezing order to continue post-recognition (Protasov v Derev)

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on No basis for freezing order to continue post-recognition (Protasov v Derev)

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Bulgaria

INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Bulgaria

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on INSOL Europe/LexisPSL Joint Project on ‘How EU Member States recognise insolvency/restructuring proceedings commenced in third country states’—Bulgaria

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For...

Effect of equitable, contractual and structural subordination

Effect of equitable, contractual and structural subordination

Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...

Debt for equity swaps

Debt for equity swaps

A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...

Practice notes

US ipso facto clauses

Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
Practice notes

The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016

The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April...
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Produced in partnership with Richard Bowles 12th Jan
Practice notes

Winding-up and administration searches for companies at the Central Registry

STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...
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Produced in partnership with Stephen Allinson 12th Jan
Practice notes

Cashflow and balance sheet tests for insolvency

IntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and balance sheet insolvency under section 123 of the...
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Produced in partnership with South Square 12th Jan
Practice notes

What is considered onerous property or contracts?

DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...
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9th Nov
Practice notes

Covenant waivers and resets

One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary...
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9th Nov
Practice notes

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...
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9th Nov
Practice notes

Loan to value covenants

This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...
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Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 12th Jan
Practice notes

Proprietary claims

Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...
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9th Nov
Practice notes

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a...
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9th Nov
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Practice notes

Key features of securitisation and asset based lending

BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....
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9th Nov
Practice notes

Misfeasance claims under section 212 of the Insolvency Act 1986

What is a misfeasance claim under section 212 of the Insolvency Act 1986?Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are...
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9th Nov
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Practice notes

A guide to independent business reviews

This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...
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Produced in partnership with Allan Kelly of RSM 12th Jan
Practice notes

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes

Interim receivers

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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Produced in partnership with South Square and BDO LLP 12th Jan
Practice notes

Out-of-court administration appointments by a QFCH—the procedure

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov

Most recent Corporate Insolvency and Governance Act 2020 content

Practice notes

Corporate Insolvency and Governance Act 2020—restructuring plan provisions

Spurred on by the coronavirus (COVID-19) pandemic, the government pushed through the Corporate Insolvency and Governance Act 2020 (CIGA 2020). The...
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5th Mar
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Practice notes

Corporate Insolvency and Governance Act 2020 and other developments in insolvency and restructuring—implications for construction contracts

The Corporate Insolvency and Governance Act 2020 (CIGA 2020) was introduced as part of the government’s response to the economic impact of the...
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4th Mar
Q&As

What is the impact of section 233B of the Insolvency Act 1986 on a supplier or customer based in the UK where the supply contract is not governed by English law?

Section 233B of the Insolvency Act 1986 (IA 1986) was inserted by the Corporate Insolvency and Governance Act 2020. IA 1986, s 233B(3) provides that...
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Produced in partnership with Chris Bryden of 4 King’s Bench Walk 3rd Mar
Q&As

Does new section 233B of the Insolvency Act 1986 affect contracts for the supply of goods and services under which the supplier and/or the customer are based outside of the UK?

For the purposes of this Q&A, it is assumed that the relevant contract is a business-to-business contract for the supply of goods and/or services...
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Produced in partnership with Oberon Kwok of Selborne Chambers and Chris Bryden of 4 King’s Bench Walk 3rd Mar
tag iconCOVID-19
Practice notes

Corporate Insolvency and Governance Act 2020—the pensions implications

Key provisions of the ActOn 25 June 2020, after less than 40 days in Parliament, the Corporate Insolvency and Governance Act 2020 (CIGA 2020) received...
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2nd Mar
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Practice notes

Corporate Insolvency and Governance Act 2020—moratorium

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...
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23rd Feb
tag iconCOVID-19
Practice notes

Corporate Insolvency and Governance Act 2020—frequently asked questions (FAQs) on the restructuring plan

The Corporate Insolvency and Governance Act 2020 (CIGA 2020) creates a new restructuring tool in the form of a restructuring plan under Part 26A of...
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19th Feb
Q&As

Do the 'ipso facto' provisions of the Corporate Insolvency and Governance Act 2020 apply to a lease, ie is a landlord a supplier of goods or services for the purposes of the Act?

On 26 June 2020, the Corporate Insolvency and Governance Act 2020 (CIGA 2020) inserted section 233B into the Insolvency Act 1986 (IA 1986). Section...
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18th Feb
tag iconCOVID-19
Practice notes

Corporate Insolvency and Governance Act 2020—restrictions on ipso facto clauses

Background to the Corporate Insolvency and Governance Act 2020 (CIGA 2020)Spurred on by the coronavirus (COVID-19) pandemic and a desire to mitigate...
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18th Feb
tag iconCOVID-19
Practice notes

Corporate Insolvency and Governance Act 2020—temporary changes to the wrongful trading regime

What is the background to the temporary changes to the wrongful trading regime?The coronavirus (COVID-19) pandemic and the resulting lockdowns and...
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16th Feb
tag iconCOVID-19
Q&As

Does section A21 of the Insolvency Act 1986, which places restrictions on the legal and enforcement proceedings that may be commenced against a company subject to the new ‘moratorium’, prevent a party to a construction contract commencing or enforcing adjudication against a counterparty that is subject to the moratorium?

Section 1 of the Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduces a new Part A1 to the Insolvency Act 1986 (IA 1986), which enables...
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15th Feb
Precedents

Corporate Insolvency and Governance Act 2020—advertisement of restructuring plan meeting

Court Reference No: [INSERT COURT REF. NUMBER]Claim No. [insert claim number].[IN THE HIGH COURT OF JUSTICE[BUSINESS AND PROPERTY COURTS [OF ENGLAND...
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14th Feb
Precedents

Corporate Insolvency and Governance Act 2020—notice of meeting(s) to consider a restructuring plan

Claim No. [Insert number].Claim No. [insert claim number].[IN THE HIGH COURT OF JUSTICE[BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN...
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14th Feb
Precedents

Corporate Insolvency and Governance Act 2020—Sanctioning order for restructuring plan

Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICE[BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [insert location]...
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14th Feb
Precedents

Corporate Insolvency and Governance Act 2020—claim form (CPR Part 8) in respect of an application for a restructuring plan

Claim No. [insert claim number].[IN THE HIGH COURT OF JUSTICE[BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [insert location]]][Specify...
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14th Feb
Precedents

Corporate Insolvency and Governance Act 2020—restructuring plan

(pursuant to part 26A of the companies act 2006)between[insert name of company]and itsCreditors/Members(as defined in the Restructuring Plan)Dated...
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14th Feb
Precedents

Corporate Insolvency and Governance Act 2020—explanatory statement for a restructuring plan

This document is important and requires your immediate attentionIf you are in any doubt as to any aspect of this proposal or as to the action you...
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14th Feb
Q&As

How does the restriction on ipso facto clauses under new section 233B, Insolvency Act 1986 affect a supplier’s contractual rights to repossession under a retention of title clause which might otherwise be triggered upon a customer insolvency event?

This Q&A considers the restrictions on ipso facto clauses under section 233B of the Insolvency Act 1986 (IA 1986) and the impact on a supplier’s...
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Produced in partnership with Deanne Hamilton of Harrison Clark Rickerbys Limited 9th Feb
Q&As

What considerations should practitioners be taking into account when deciding whether or not the provisions on ipso facto clauses introduced by the Corporate Insolvency and Governance Act 2020 apply to IP licences? Would the considerations be different as between (a) a pure IP licence, and (b) a commercial agreement containing an element of IP licensing (eg a franchise agreement or a sponsorship agreement)?

In this Q&A, ‘IP’ is taken to mean intellectual property and ‘practitioner’ is taken to mean insolvency practitioner.The Corporate Insolvency and...
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Produced in partnership with Caroline Clark 9th Feb
tag iconCOVID-19
Practice notes

Corporate Insolvency and Governance Act 2020—moratorium extension and termination

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...
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8th Feb

Popular documents

LEXISNEXIS

Written basis of plea and Newton hearings

When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction

LEXISNEXIS

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to distribute these to the company's or individual's creditors. Office-holders have various duties and powers in order to ensure that they do this. For

LEXISNEXIS

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring

LEXISNEXIS

Directors’ remuneration

Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be