Corporate Insolvency and Governance Act 2020 now in force
In two recent articles we reviewed the new Corporate Governance and Insolvency Bill (Bill) which had been laid before Parliament to amend insolvency and company law in order to support businesses affected by the COVID-19 crisis.
Royal Assent of the Bill was granted at 7pm yesterday (25 June 2020) and the Corporate Insolvency and Governance Act 2020 (Act) came into force at midnight.
Please see our recent article for our review of the impact the Bill and now the Act will have on the following areas:
- Suspension of Wrongful Trading
- Statutory Demands
- Creditor Moratoriums
- Termination Clauses
- The Restructuring Plan available to companies in financial difficulty
For information regarding the impact the provisions of the Act have on annual general meetings and corporate filings please see our other recent article.
Please follow this link for the full text of the Act.
A link to our Covid-19 hub is here where you can find further advice notes and which is updated on a regular basis.
Should you require further information about anything covered in this briefing note, please contact Peter Kohl, Joan Yu, Martin O’Donoghue or your usual contact at the firm.
This briefing and the articles linked to it is a general summary of information as at the date of publication and it should not replace legal advice tailored to your specific circumstances.