Coin and Corporate Insolvency and Governance Act: Difference between pages
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''Law - UK - insolvency - COVID-19''. | |||
The UK's Corporate Insolvency and Governance Act 2020 was enacted in response to COVID-19. | |||
It also accelerated a number of other reforms to UK insolvency law. | |||
Among other changes, the Act: | |||
*Introduced a credit moratorium for businesses, to give them more time to seek a rescue. | |||
*Prohibited termination clauses engaging on insolvency, to prevent suppliers ceasing supply or asking for additional payments while companies enter rescue proceedings. | |||
*Introduced a new business restructuring plan procedure. | |||
*Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis. | |||
*Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt. | |||
== See also == | == See also == | ||
* [[ | * [[Balance sheet insolvent]] | ||
* [[ | * [[Cash flow insolvent]] | ||
* [[ | * [[Chapter 11]] | ||
* [[ | * [[Company voluntary arrangement]] | ||
* [[ | * [[Cost of financial distress]] | ||
* [[ | * [[COVID-19]] | ||
* [[Creditors]] | |||
* [[Individual Voluntary Arrangement]] | |||
* [[Insolvency]] | |||
* [[Insolvency practitioner]] | |||
* [[Insolvency Service]] | |||
* [[London Approach]] | |||
* [[ | * [[Moratorium]] | ||
* [[ | * [[Restructuring plan]] | ||
* [[ | * [[Scheme of arrangement]] | ||
* [[ | * [[Solvency]] | ||
* [[ | * [[Statement of affairs]] | ||
* [[ | * [[Statutory demand]] | ||
* [[ | * [[Termination clause]] | ||
* [[ | * [[Voluntary liquidation]] | ||
* [[ | * [[Winding up petition]] | ||
* [[ | * [[Wrongful trading]] | ||
* [[ | |||
* [[ | |||
* [[ | |||
* [[ | |||
* [[ | |||
* [[ | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:The_business_context]] | [[Category:The_business_context]] | ||
Revision as of 22:14, 14 October 2020
Law - UK - insolvency - COVID-19.
The UK's Corporate Insolvency and Governance Act 2020 was enacted in response to COVID-19.
It also accelerated a number of other reforms to UK insolvency law.
Among other changes, the Act:
- Introduced a credit moratorium for businesses, to give them more time to seek a rescue.
- Prohibited termination clauses engaging on insolvency, to prevent suppliers ceasing supply or asking for additional payments while companies enter rescue proceedings.
- Introduced a new business restructuring plan procedure.
- Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis.
- Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt.
See also
- Balance sheet insolvent
- Cash flow insolvent
- Chapter 11
- Company voluntary arrangement
- Cost of financial distress
- COVID-19
- Creditors
- Individual Voluntary Arrangement
- Insolvency
- Insolvency practitioner
- Insolvency Service
- London Approach
- Moratorium
- Restructuring plan
- Scheme of arrangement
- Solvency
- Statement of affairs
- Statutory demand
- Termination clause
- Voluntary liquidation
- Winding up petition
- Wrongful trading
