UK: The new Corporate Insolvency and Governance Act: Implications for the energy and infrastructure sectors. Legal developments in 2020 have largely been dominated by the government's response to the Covid-19 pandemic through a wide-ranging package of measures introduced by the Corporate Insolvency and Governance Act 2020 (CIGA), passed at the end of June. The majority of its provisions commence today, on 26 June 2020, albeit most of the temporary business protection measures it enacts have retrospective effect from 1 March 2020. The Corporate Insolvency and Governance Act 2020 (the ‘Act’) permanently increases restructuring options for businesses experiencing financial difficulties, and includes temporary measures aimed at easing some of the most pressing consequences businesses may be experiencing as a result of the coronavirus (COVID-19) pandemic. As a general principle, restructuring plans will be available to all companies which can be wound up under Parts IV and V of the Insolvency Act 1986, (including “unregistered companies”). By Jennifer Payne (Linklaters Professor of Corporate Finance Law, University of Oxford) Jennifer Payne. CIGA sets out the detail of the UK Government’s reforms to the existing restructuring and insolvency regime as part of its response to the economic crisis caused by the COVID-19 pandemic. The Corporate Insolvency and Governance Act 2020 (CIGA) represents the most significant changes to UK corporate restructuring legislation in almost 20 years. The future’s in the air as the Corporate Insolvency and Governance Act entered into force on 26 June 2020 taking its inspiration from the U.S. Chapter 11 process. It brings about the most significant changes in UK corporate insolvency law for nearly 20 years. ... We have a specialist team of pension lawyers who advise on all aspects of pensions law, in conjunction with our corporate restructuring and insolvency team. On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) received royal assent. The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. This briefing was updated on 2 December 2020. The Corporate Insolvency and Governance Act 2020 (“the Act”) came into force on 26 June 2020. The Corporate Insolvency and Governance Act 2020 (Act) received Royal Assent on 25 June 2020. The Corporate Insolvency and Governance Act 2020 (CIGA) introduced new insolvency tools, in the form of the new restructuring plan and moratorium, and whilst we have seen the likes of Virgin Atlantic implement a plan, only a handful of businesses have taken advantage of the new moratorium. Regulations as made: This instrument amends the Corporations Regulations 2001 and the Corporations (Fees) Regulations 2001 to enable the debt restructuring and simplified liquidation regimes established by the Corporations Amendment (Corporate Insolvency Reforms) Act 2020, including modification of certain fees and consequential amendments. ICLG - Restructuring & Insolvency Laws & Regulations - Nigeria covers common issues in restructuring and insolvency, including issues that arise when a company is in financial difficulties, restructuring options, insolvency procedures, tax, employees, cross-border issues in 27 jurisdictions A maintained toolkit and tracker, linking to Practical Law resources on the Corporate Insolvency and Governance Act 2020 as well as documenting and tracking the background, guidance and refinement of the original Bill as it went through Parliament. On 26 June 2020, the Corporate Insolvency and Governance Act (CIG Act) came into force which introduced fundamental changes to the UK’s company and insolvency laws which not only provide temporary assistance to companies and their directors during the Coronavirus Disease 2019 (COVID-19) crisis, but on a permanent basis have significantly bolstered the UK’s restructuring tool kit. The Corporate Insolvency and Governance Act 2020 was introduced on 26 June 2020. It came into force on 26 June 2020. What the Corporate Insolvency & Governance Act 2020 Means For Company Directors Right Now. The absence of an effective legal mechanism at par with the current and dynamic trends of business, particularly in the area of corporate insolvency, fuelled a lot of hostility towards the growth of private enterprises, their development and the economic well-being of the country as a whole.. Restructuring & Insolvency analysis: We summarise the latest changes made to certain temporary provisions introduced by the Corporate Insolvency and Governance Act 2020 (CIGA 2020). Keep up to date with precedents, guidance notes & Q&As. The Bill received Royal Assent and the Corporate Insolvency and Governance Act 2020 (the “Act“) became an Act of Parliament on 25 June 2020, just five weeks after the legislative process began. The New Insolvency Act of Ghana introduces a ‘rescue culture’ by giving businesses the option of restructuring and going into administration which up until now has been the preserve of specialized institutions such as banking and insurance companies. Get quick, practical and accurate answers to specific points of law in Corporate Insolvency and Governance Act 2020. The Corporate Insolvency and Governance Act 2020 (c. 12) is an act of the Parliament of the United Kingdom relating to companies and other entities in financial difficulty, and which makes temporary changes to laws relating to the governance and regulation of companies and other entities.. Nigeria: Restructuring & Insolvency Laws & Regulations 2020. The Act represents the most significant reforms to the insolvency ... insolvency or restructuring procedure. Corporate Insolvency and Governance Act 2020—witness statement in support of an application for a restructuring plan. PPF Restructuring and Insolvency Team Guidance note 9 – Corporate Insolvency and Governance Act 2020 (Interim Guidance February 2021) 1. These extensions coincide with the announcement of additional economic measures to support the economy through the pandemic. Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020 In exercise of the powers conferred by section 448 of the Insolvency, Restructuring and Dissolution Act 2018, we, the Rules Committee, make the following Rules: The Act is designed "to make provision about companies and other entities in financial difficulty; and to make temporary changes to the law relating to the governance and regulation of companies and other entities." The measures introduced by the Act … The key insolvency related reforms included in the Act are: the new moratorium outside of a formal insolvency process; the new restructuring plan; The Corporate Insolvency and Governance Act 2020 (the “Act”) has therefore been passed into law. The Corporate Insolvency and Governance Act 2020 (“CIGA”) became law on 26 June 2020. In a recent paper I analyze the introduction of a restructuring moratorium into the UK by the Corporate Insolvency and Governance Act 2020 (2020 Act). Opinions of Tuesday, 5 May 2020. The main objective of the Act was to amend insolvency and company law in order to support companies through the coronavirus pandemic. CIGA is a new Act enacted on 26 June 2020 implementing arguably the most significant changes to the UK’s restructuring and insolvency toolkit since 1986. Often if a company needs a continued supply of a particular good or service The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis. The Corporate Insolvency and Governance Act 2020 was given Royal Assent on 25 June and most provisions came into force on 26 June. The Corporate Insolvency and Governance Act 2020 (the “Act”) introduces a number of temporary and permanent measures to restructuring and insolvency law which will affect creditors’ rights in … The Corporate Insolvency and Governance Act 2020 (the "Act") received Royal Assent on 25 June 2020 following a fast-tracked legislative process, with the majority of provisions taking effect from 26 June 2020.. The changes give companies temporary easements to help them navigate COVID-19, but also introduce permanent new tools that make the UK’s rescue regime more “debtor-friendly” than it has ever been. Whilst key measures were subject to consultation prior to the onset of COVID-19, CIGA came rapidly into law with effect from 26 June 2020 to provide much needed support to companies and organisations through the global pandemic and beyond. Insolvency framework measures: moratorium, termination clauses, arrangements and reconstructions for companies in financial difficulty (restructuring plan) The current legislation relating to corporate insolvency is set out in the First Group of Parts of the Insolvency Act 1986, in particular – Certain temporary measures introduced in the Corporate Insolvency and Governance Act 2020 (‘CIGA’) were extended on 24 September 2020. The majority of its provisions commenced on 26 June 2020, with the exception of the temporary measures which have retrospective effect from 1 March 2020. Background The Corporate Insolvency and Governance Act 2020 (“the Act”) came into effect on 26 June 2020. Columnist: Rosemary Anakwa Boadu 2020-05-05 Why the Corporate Restructuring and Insolvency Act, 2020 makes Ghana the preferred destination for investment Sign in or take a trial to read the full analysis. 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