Bloomsbury Professional Law Insight - Corporate Insolvency and Governance Act 2020

Bloomsbury Professional Law Insight - Corporate Insolvency and Governance Act 2020 cover

Bloomsbury Professional Law Insight - Corporate Insolvency and Governance Act 2020

Description

Having gone through an accelerated parliamentary process, the Corporate Insolvency and Governance Act 2020 came into force on 26 June, 2020 having been given Royal Assent on the 25 June, 2020.

It introduces the most significant changes in corporate insolvency law for nearly 20 years and has been introduced in response to COVID-19. Its main aim is to assist companies and directors by providing businesses with the flexibility and breathing space they need to continue trading during the difficult time caused by COVID-19.

The key insolvency related reforms included in the Act are:

- New moratorium outside of a formal insolvency process
- New restructuring plan
- Prohibition on issuing statutory demands and winding up petitions in connection with Covid-19 related debts
- Retrospective suspension of wrongful trading
- Protection of supplies of goods and services

This title is included in Bloomsbury Professional's Insolvency Law online service.

Table of Contents

Chapter 1: Introduction
WHAT NEW PROVISONS HAVE BEEN INTRODUCED?
WHAT HAS BEEN THE REACTION TO THE PERMANENT CHANGES?
Chapter 2: Moratorium
INTRODUCTION
WHICH COMPANIES WILL BE ELIGIBLE FOR A MORATORIUM?
HOW CAN A COMPANY OBTAIN A MORATORIUM?
WHAT IS THE EFFECT OF A MORATORIUM?
THE MONITOR
WHAT IS THE DURATION OF A MORATORIUM?
CHALLENGES IN CONNECTION WITH A MORATORIUM
INSOLVENCY PROCEDURES FOLLOWING A MORATORIUM AND SUPER-PRIORITY
Chapter 3: Restructuring plan
INTRODUCTION
WHEN WILL A COMPANY BE ELIGIBLE FOR A RESTRUCTURING PLAN?
WHAT MUST A RESTUCTURING PLAN BE DESIGNED TO ACHIEVE?
WHAT IS THE PROCEDURE FOR ADOPTING A RESTRUCTURING PLAN?
WHICH STAKEHOLDERS VOTE ON THE RESTRUCTURING PLAN?
THE CONVENING HEARING
CLASS COMPOSITION ISSUES
THE NOTICES OF MEETINGS
THE MEETINGS
THE SANCTION HEARING
THE ORDER MADE AT THE SANCTION HEARING
FOREIGN COMPANIES AND STAKEHOLDERS
PENSION SCHEMES
Chapter 4: Restrictions on the termination of supply contracts
INTRODUCTION
THE PRE-CIGA 2020 REGIME
THE CHANGES INTRODUCED BY CIGA 2020
WHAT RESTRICTIONS WILL BE IMPOSED?
HOW WILL THE NEW PROVISIONS WORK IN PRACTICE?
Chapter 5: Temporary provisions
ADMINISTRATION: SALES TO CONNECTED PERSONS
SUSPENSION OF LIABILITY FOR WRONGFUL TRADING
SUSPENSION IN RELATION TO WINDING-UP PETITIONS
REGULATIONS TO AMEND LEGISLATION

Product details

Published 15 Dec 2020
Format Paperback
Edition 1st
Extent 112
ISBN 9781526517081
Imprint Bloomsbury Professional
Dimensions 210 x 297 mm
Series Bloomsbury Professional Law Insights
Publisher Bloomsbury Publishing

About the contributors

Author

Simon Beale

Simon Beale is the Head of the insolvency practice…

Author

Paul Keddie

Paul Keddie is Senior Counsel at Macfarlanes. Paul…

Author

Tim Bromley-White

Tim is a solcitor at Macfarlanes. He advises on a…

ONLINE RESOURCES

Bloomsbury Collections

This book is available on Bloomsbury Collections where your library has access.