The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis.

CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of the draft legislation in May. CIGA is part of the Government’s response to the COVID-19 crisis and introduces a number of “debtor friendly” measures to English restructuring and insolvency law, which up to now has been regarded as “creditor friendly”. 

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Tony Hetherington is Financial Mail on Sunday’s ace investigator, fighting readers corners, revealing the truth that lies behind closed doors and winning victories for those who have been left out-of-pocket. Find out how to contact him below. 

M.W. writes: In 2017 I met financial adviser Christopher Burgess of Alderley Wealth Management. I made some investments, and in 2021 he asked me to transfer £10,000 each day for nine days, sending payments to AWM and to The Life Team Ltd.

I received monthly interest until 2022, then payments became irregular. In May 2023 he advised my money would return that month. But it did not.

Tony Hetherington replies: You couldn’t make this up: you have a financial adviser who I discovered has gone…

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The report detailed distributions made to creditors so far by the receivers.

Kiwibank, who is a secured creditor and tipped Laybuy into receivership, is still owed $351,000 from the sum of $8.5m.

The receivers said they expected Kiwibank to be repaid in full.

Preferential employee claims of $336,000 remain outstanding. So far, $262,726 had been paid in wages and salaries.

A debt of $70,000 to Inland Revenue has been paid in full.

The receivers said $7.6m had been recovered in outstanding payments from customers via the operating platform.

Remaining overdue customer amounts have been referred to a third-party collection agency, and efforts to recoup money continue.

Receivers said more than $874,000 had been realised from the sale of the…