The Corporate Insolvency and Governance Act 2020 received royal assent on 25 June 2020. Many of the provisions of the act are based on the bill which was initially proposed pre-COVID-19, with a framework having been set out in August 2018. However, since the pandemic struck, new temporary provisions have been added to the act.
The changes introduced in the act are the most significant changes in insolvency law since 2003, when the Enterprise Act legislation was introduced to revamp the administration process.
The changes can be distinguished between those that are permanent and those that are temporary, and which have been introduced in response to the extraordinary consequences of the coronavirus.
PERMANENT PROVISIONS
Moratorium
The m…
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