The Corporate Insolvency and Governance Act 2020 was only published on 20 May but received Royal Assent on 25 June, and came into force the following day.
Fast-tracked through Parliament because of the Covid-19 pandemic, it introduces both permanent and temporary changes to the insolvency regime, and represents the biggest shake-up for several years.
Permanent reforms include the introduction of company moratorium – similar to the ‘Chapter 11’ process in the USA – as well as restructuring plans and a prohibition on termination clauses in supply contracts. Temporary changes driven by the coronavirus include restrictions on winding-up petitions and the suspension of wrongful trading liability.
Legal Futures is pleased to have the current chairman of the board of the Insolvency Service, Stephen Allinson, recording a webinar examining the new law and explaining how it will impact on both businesses and those advising them.
Stephen, a solicitor and licensed insolvency practitioner, will look at each of the headline changes from a practical point of view and explain what they mean from a practitioner’s perspective.
This webinar will be an invaluable tool for the busy practitioner, expanding on an area of law that is likely to become ever more relevant in the coming months. Topics include:
- The insolvency moratorium and the monitor – what is the significance of this new rescue procedure?
- Restructuring plans and schemes of arrangements – a mainstream or niche procedure?
- New protections for companies from supplier pressure – know your rights.
- New wrongful trading provisions – a debtor’s charter or a sensible response?
- Statutory demands and winding-up procedures – new (temporary) approaches to debt problems introduced.
- Are there any other reforms on the horizon?
This webinar is the perfect introduction to the Act, delivered by a practitioner at the centre of the insolvency world. It is available from 29 July as a recording – which can be viewed on any device, at any time.
£159 + vat
for the whole firm, unlimited viewing by anyone in your organisation
£80 + vat
To order: email us or call 01904 635444