In June 2021, we reported on The Corporate Insolvency and Governance Act 2020 which came into force bringing about the most significant changes to the UK’s insolvency procedures in nearly 20 years.
As a reminder, The Act contained 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:
The permanent measures have been set out in our guide here. It contains a case study of a business who provides an essential service and we outline the steps they took for one of the clauses.
The changes in the act has potential for huge changes to business. SMB can help to review and if required update current arrangements to reflect the change in the law. Please contact Partner Simon Halberstam at firstname.lastname@example.org.
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