The Corporate Insolvency and Governance Act 2020 (the Act) came into force on 26 June 2020, providing the UK (but with separate provisions for Northern Ireland)with temporary and permanent changes to insolvency law aimed at helping businesses manage the economic implications of COVID-19.
Permanent measures
Company moratorium a breathing space against creditor action, initially for 20 business days but extendable, and proposed by directors of a company who will remain in control but overseen by a monitor who will be an officer of the court and a licensed insolvency practitioner. The moratorium will give companies a “payment holiday” for pre-moratorium debts that have fallen due, either before or during the moratorium period unless the de…
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