Amid the temporary restructuring and insolvency measures introduced in the summer of 2020, a permanent standalone ‘moratorium’ for corporate entities was introduced, along with the ‘restructuring plan’ by the Corporate Insolvency & Governance Act 2020 (CIGA), described by the government as the most significant change to the UK’s corporate insolvency regime in 20 years.
Previously, moratoria were only available as part of a formal insolvency process, either by an administration, or the little used schedule A1 moratorium for small companies as part of a company voluntary arrangement proposal. A standalone moratorium, designed to allow a company to have some breathing space to take advice and assess restructuring options free…
