The Corporate Insolvency and Governance Act 2020 came into force on 26 June 2020 bringing about the most significant changes to the UK’s insolvency procedures in nearly 20 years.
The Act contains both short-term measures to relieve the burden on businesses of the Covid-19 pandemic and longer-term permanent reforms to the insolvency regime.
Short term measures of the Act include:
Longer term reforms of the Act include:
A key focus of the Act has been to respond to the Covid-19 crisis as quickly as possible to protect UK businesses. The Government have said they will continue to consider additional measures that may be required in the fallout.
To review the Government’s guidance on the measures contained in the Act, please click here.
SMB remains fully operational and is here to deal with any and all commercial and transactional queries that you may have during this exceptional time. Please do not hesitate to get in touch with Partner Natalie Wright. We are able to offer all of our services remotely and we have secure video conferencing facilities.
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