Tuesday, July 28, 2020
On 26 June 2020 theCorporate Insolvency and Governance Act 2020(the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts.
Eligible Companies
The moratorium is available for companies of all sizes (including overseas companies which meet a sufficient connection test) unless specific exclusions apply. The exclusions include, inter alia, companies that are subject to current or recent insolvency procedures, banks, and companies which are party to capital markets arrangements in excess of 10 million (in view of the COVID-19 pan…
Read the full article at: https://www.natlawreview.com/article/key-takeaways-corporate-insolvency-and-governance-act-2020-standalone-moratorium
