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Corporate Insolvency and Governance Act 2020

Includes new legislation due to coronavirus. Temporary provisions centre around winding-up petitions, wrongful trading and ipso facto clauses. Permanent changes include the creation of two corporate insolvency processes.

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Latest Restructuring & Insolvency Precedents

Precedents
Draft order on an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

CASE NO: [insert case number][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS OF ENGLAND AND WALESINSOLVENCY AND COMPANIES LIST (ChD)ORIN THE...
Precedents
Witness statement in support of an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

Applicant(s): [insert initials and surname]: [insert number of witness statement eg 1st] Exhibit: [insert exhibit description]: Date: [insert date of...
Precedents
Letter from an insolvency office-holder to any persons or companies with information, documentation or property relevant to the business, affairs, dealings and property of the insolvent entity or individual (sections 234–236 and 365–366 of the Insolvency Act 1986)

[insert name, address and contact details/reference of author][insert date]To: [insert the name of the person or company to whom the letter is...
Precedents
Application notice for an application by an insolvency office-holder under sections 234, 235, 236, 365 and 366 of the Insolvency Act 1986 to obtain property, information and/or documentation

Note: This Precedent should be used in conjunction with an application notice template that complies with the Insolvency (England and Wales) Rules...
Precedents
Special administration—special administrators’ progress report

[investment bank name] (in special administration)[Joint] Special Administrators’ Progress Reportfor the six-month period [date] to [date]Notice:...
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Latest Restructuring & Insolvency Q&As

Q&As
What should be taken into account when drafting a contract for the supply of goods or services in light of statutory controls on rights in the event the customer is subject to an insolvency procedure including under the new Corporate Insolvency and Governance Act 2020?
Q&As
Does the new moratorium introduced by the Corporate and Insolvency Governance Act 2020 apply to un-liquidated claims for compensation (for example, for discrimination) prior to the commencement of the moratorium? How does a claimant seek permission to issue or continue such proceedings if a statutory moratorium commences?
Q&As
I need to serve a claim form in a Hague Convention State. Given coronavirus (COVID-19), what do I need to think about? What are likely to be barriers in being able to effect valid service?
Q&As
To what extent are UK courts and tribunals bound by domestic and EU case law on Brussels I (recast) decided before/after IP completion day? If not bound, in what circumstances may they still have regard to it?
Q&As
An in-person hearing is scheduled for my arbitration over the next few months. In light of coronavirus (COVID-19), what should I be thinking about, what alternatives may be available (eg relocation, postponement, virtual hearing(s)), what considerations are relevant when contemplating these options, and how would alternative approaches be dealt with procedurally with the other side and the tribunal?
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Associated legal terms

Award (of sequestration)

The order issued by a sheriff following a petition lodged by a creditor or by the AiB following an application for sequestration by the debtor declaring a person to be bankrupt and sequestrating their estate. The Award vests the debtor’s estate in the trustee

Creditors’ voluntary liquidation (CVL)

Voluntary process to wind up company, an alternative to liquidation'>Compulsory liquidation.

Sederunt book

The official and permanent record of the sequestration process maintained by the trustee
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