On 20 May 2020, the Corporate Insolvency and Governance Bill had its first reading in the House of Commons. This is the bill that enacts many of the measures referenced in the government’s announcements earlier this year. Alongside some temporary Covid-19 response measures, the Bill introduces several permanent changes that will have a significant impact on the range of options available to creditors and debtors in distressed situations.
As the Bill is in draft stage, there could still be changes to the legislation before it comes into force. However, in this summary we provide an overview of the core elements which we expect to be part of the legislation when it takes effect.
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