On 20 May 2020, the Corporate Insolvency and Governance Bill (the Bill) was introduced to the House of Commons for its first reading, with the aim of completing all its stages in the Commons and progressing through the House of Lords by late June or early July. The Bill has the purpose of introducing three permanent reforms to the existing insolvency legislation and certain temporary measures designed to address the immediate impact of the Coronavirus (COVID-19) pandemic on UK businesses. This On the Subject provides a high-level overview of the changes.
Moratorium: a new stand-alone moratorium to provide businesses with an initial 20-business-day stay from creditor action.
- The moratori…
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