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