This hub brings together our series of bitesize articles which focused on practical points arising from the introduction of the Corporate Insolvency & Governance Act 2020 (CIGA) on 26 June 2020, and our other coverage of CIGA and the other measures unfolding in the restructuring & insolvency sphere post-Covid.
If you have any queries on the articles or the issues they cover, please contact the Restructuring & Insolvency team.
CIGA bitesize: Covid measures extended
On 24 September 2020 Chancellor Rishi Sunak announced that the government would be exercising powers reserved under CIGA to extend certain of its temporary provisions, amongst a raft of other government support for businesses affected by COVID-19, on the basis that existing measures to combat the pandemic will be required for much longer than first anticipated in March.
Find out moreCIGA bitesize: Changes to antecedent transactions for companies wound up on Covid petitions
As widely reported earlier in the year, the Corporate Insolvency & Governance Act 2020 (CIGA) included provisions tightly restricting (although not prohibiting) their use during the initial phase of the Covid pandemic.
Find out moreCIGA bitesize: Ending a moratorium
The new standalone moratorium process, once commenced , initially lasts for 20 business days and can be extended by various means up to a year.
Find out moreCIGA bitesize: Extending a moratorium
The moratorium introduced by the Corporate Insolvency and Governance Act 2020 (CIGA), as described in our earlier article, is for an “initial period” of 20 business days. There are five ways in which this can be extended set out in the new ss A10-A15 of the Insolvency Act 1986 (IA)
Find out moreCIGA bitesize: Obtaining a moratorium
The Corporate Insolvency & Governance Act 2020 (CIGA) introduced a free-standing moratorium process which provides companies facing financial difficulties (but which are likely to be rescued) a statutory breathing space from creditor pressure for up to 12 months.
Find out moreCIGA bitesize: Restructuring Plan – a tool fit for the mid-market?
Among its other innovations, the Corporate Insolvency & Governance Act 2020 (CIGA) introduced the restructuring plan into the Companies Act 2006. As a “debtor in possession” process it is likely to have less stigma and will have obvious attractions to effect a restructuring without a formal insolvency process.
Find out moreCIGA bitesize: Claims for wrongful trading in the COVID-19 period
When the Corporate Insolvency and Governance Act 2020 (CIGA) was passed at the end of June, it became clear that the government’s initial announcements that the threat of wrongful trading would be removed altogether would not exactly be the case – so what changed, and how would a new claim be brought?
Find out moreCIGA bitesize: Protected supplies made in an insolvency process: tips for suppliers and IPs
Many suppliers are alarmed at the prospect of being required to continue to supply an insolvent entity pursuant to the new s.233B IA 1986 (as introduced by s14 of CIGA), particularly if already owed significant arrears.
Find out moreCIGA bitesize: How do you identify if an insolvency procedure has been triggered?
The Corporate Insolvency & Governance Act 2020 (CIGA) has widened the circumstances in which suppliers can be prevented from terminating their supply of goods and/or services to a company in distress, as well as introducing two new restructuring and insolvency processes in the moratorium and restructuring plan.
Find out moreCIGA bitesize: Termination of supplies: are your supplies essential or protected, or both?
With a view to supporting business rescue, the Corporate Insolvency & Governance Act 2020 (CIGA) introduced s.233B to the Insolvency Act 1986 (IA), which widens the circumstances in which suppliers can be prevented from terminating their supply of goods and/or services to a company in distress, or making the terms of that supply more onerous as a result of its insolvency or restructuring.
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