On 25 June 2020, the new Corporate Insolvency and Governance Act (the “Act”) received Royal Assent. We anticipate that the changes introduced by the Act will have a significant impact on the future direction of the UK restructuring market.
The purpose of the Act is to promote a stronger rescue culture in the UK, providing companies in financial distress with a better chance of being restructured on a going concern basis (in a similar way to a U.S. Chapter 11). The changes introduced by the Act were initially put forward by the Government in 2016, and were subject to consultation in 2018. A new restructuring regime for the UK had therefore been anticipated. However, in response to COVID 19, the timing of the implementation of the Act was…
Read the full article at: https://www.jdsupra.com/legalnews/key-implications-of-the-uk-s-corporate-71149/
