The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. The Act represents the most significant reforms to the insolvency framework in the United Kingdom since, at least, the widespread introduction of administration under the Enterprise Act in 2003. The Act was brought into law very quickly to bring abount changes seen as necessary to support struggling businesses as they deal with the economic fallout from Covid-19. It should be noted, however, that many of the changes are permanent rather than temporary in nature and they will transform the way creditors and others interact with businesses in financial difficulty. The legislation is long and complex. As such, this and our related bulletins do not constitute full and detailed analysis of the legislation but are an attempt to answer some of the immediate questions that clients are likely to have.
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