Monday, February 8, 2021
In late June 2020, the UKs Corporate Insolvency and Governance Act (the Act) became law.1
While the Act was passed in response to the Coronavirus Disease 2019 (COVID-19) pandemic and its economic ramifications, it represents a significant legislative step forward in promoting the rescue culture in respect of financially distressed business enterprises, a policy objective that goes beyond COVID-19. The rescue culture, is, in essence, the theory that it is better to provide the existing management of a distressed business enterprise the opportunity to remain in control of it without the pressure of action by creditors, so that existing management can find a solution to the distress affecting the enterprise, thus o…
Read the full article at: https://www.natlawreview.com/article/real-estate-debt-and-uk-corporate-insolvency-and-governance-act-2020-moratorium
