The Corporate Insolvency and Governance Act 2020 – the most significant insolvency reforms in the UK for a generation

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The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. The Act represents the most significant reforms to the insolvency framework in the United Kingdom since, at least, the widespread introduction of administration under the Enterprise Act in 2003. The Act was brought into law very quickly to bring abount changes seen as necessary to support struggling businesses as they deal with the economic fallout from Covid-19. It should be noted, however, that many of the changes are permanent rather than temporary in nature and they will transform the way creditors and others interact with businesses in financial difficulty. The legislation is long and complex. As such, this and our related bulletins do not constitute full and detailed analysis of the legislation but are an attempt to answer some of the immediate questions that clients are likely to have.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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