Corporate Insolvency and Governance Act - Revision history

imported>Doug Williamson: Update.

2022-07-07T16:08:07Z

Update.

← Older revision		Revision as of 16:08, 7 July 2022
Line 17:		Line 17:
	Among other changes, the Act:		Among other changes, the Act:

	*Introduced a credit moratorium for businesses, to give them more time to seek a rescue.		*Introduced a temporary credit moratorium for businesses, to give them more time to seek a rescue.
	*Prohibited termination clauses engaging on insolvency, to prevent suppliers ceasing supply or asking for additional payments while companies ~~enter~~ rescue proceedings.		*Prohibited termination clauses engaging on insolvency, to prevent suppliers ceasing supply or asking for additional payments while companies entered rescue proceedings.
	*Introduced a new business restructuring plan procedure.		*Introduced a new business restructuring plan procedure.
	*Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis ~~(expired June 2021)~~.		*Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis.
	*Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt.		*Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt.


	The temporary measures ~~were originally scheduled~~ to ~~end on 30 September 2020.~~		The temporary measures mostly expired in 2021, with a further transitional period for some of them up to 31 March 2022.

	~~They were subsequently extended to September 2021 depending on the measure~~.

imported>Doug Williamson: Updated for June 2021 expiry date.

2021-08-19T14:40:11Z

Updated for June 2021 expiry date.

← Older revision		Revision as of 14:40, 19 August 2021
Line 20:		Line 20:
	*Prohibited termination clauses engaging on insolvency, to prevent suppliers ceasing supply or asking for additional payments while companies enter rescue proceedings.		*Prohibited termination clauses engaging on insolvency, to prevent suppliers ceasing supply or asking for additional payments while companies enter rescue proceedings.
	*Introduced a new business restructuring plan procedure.		*Introduced a new business restructuring plan procedure.
	*Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis.		*Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis (expired June 2021).
	*Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt.		*Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt.


	The temporary measures were ~~orginally~~ scheduled to end on 30 September 2020.		The temporary measures were originally scheduled to end on 30 September 2020.

	They were subsequently extended to ~~June or~~ September 2021, depending on the measure.		They were subsequently extended to September 2021 depending on the measure.

imported>Doug Williamson: Layout.

2021-08-10T12:30:13Z

Layout.

← Older revision		Revision as of 12:30, 10 August 2021
Line 11:		Line 11:

	:"The permanent insolvency measures contained in the Act (previously announced by the Government, and in development before Covid-19) mark a major change in UK insolvency law towards a business rescue culture more in line with U.S. insolvency (chapter 11)."		:"The permanent insolvency measures contained in the Act (previously announced by the Government, and in development before Covid-19) mark a major change in UK insolvency law towards a business rescue culture more in line with U.S. insolvency (chapter 11)."


	:''UK House of Commons Library - 1 July 2021.''		:''UK House of Commons Library - 1 July 2021.''

imported>Doug Williamson: Add link.

2021-08-10T12:29:45Z

Add link.

← Older revision		Revision as of 12:29, 10 August 2021
Line 6:		Line 6:

	It also accelerated a number of other reforms to UK insolvency law.		It also accelerated a number of other reforms to UK insolvency law.


			:<span style="color:#4B0082">'''''UK business rescue culture aligning with US & Chapter 11'''''</span>

			:"The permanent insolvency measures contained in the Act (previously announced by the Government, and in development before Covid-19) mark a major change in UK insolvency law towards a business rescue culture more in line with U.S. insolvency (chapter 11)."


			:''UK House of Commons Library - 1 July 2021.''


Line 30:		Line 38:
	* [[COVID-19]]		* [[COVID-19]]
	* [[Creditors]]		* [[Creditors]]
			* [[House of Commons]]
	* [[Individual Voluntary Arrangement]]		* [[Individual Voluntary Arrangement]]
	* [[Insolvency]]		* [[Insolvency]]
Line 45:		Line 54:
	* [[Winding up petition]]		* [[Winding up petition]]
	* [[Wrongful trading]]		* [[Wrongful trading]]


			==External link==

			[https://commonslibrary.parliament.uk/research-briefings/cbp-8971/ Corporate Insolvency and Governance Act 2020 - UK House of Commons Library - research briefing]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
	[[Category:The_business_context]]		[[Category:The_business_context]]

imported>Doug Williamson: Amend extension date.

2021-04-01T09:45:05Z

Amend extension date.

← Older revision		Revision as of 09:45, 1 April 2021
Line 19:		Line 19:
	The temporary measures were orginally scheduled to end on 30 September 2020.		The temporary measures were orginally scheduled to end on 30 September 2020.

	They were subsequently extended ~~into early~~ 2021, depending on the measure.		They were subsequently extended to June or September 2021, depending on the measure.

imported>Doug Williamson: Generalise extension dates. Source: https://commonslibrary.parliament.uk/research-briefings/cbp-8971/

2020-12-23T14:41:42Z

Generalise extension dates. Source: https://commonslibrary.parliament.uk/research-briefings/cbp-8971/

← Older revision		Revision as of 14:41, 23 December 2020
Line 19:		Line 19:
	The temporary measures were orginally scheduled to end on 30 September 2020.		The temporary measures were orginally scheduled to end on 30 September 2020.

	They were subsequently extended ~~to 31 December 2020 or 30 March~~ 2021, depending on the measure.		They were subsequently extended into early 2021, depending on the measure.

imported>Doug Williamson: Add abbreviation. Source: The Treasurer, October 2020, p39.

2020-12-17T23:20:42Z

Add abbreviation. Source: The Treasurer, October 2020, p39.

← Older revision		Revision as of 23:20, 17 December 2020
Line 1:		Line 1:
	''Law - UK - insolvency - COVID-19''.		''Law - UK - insolvency - COVID-19''.

			(CIGA).

	The UK's Corporate Insolvency and Governance Act 2020 was enacted in response to COVID-19.		The UK's Corporate Insolvency and Governance Act 2020 was enacted in response to COVID-19.

imported>Doug Williamson: Clarify last sentence.

2020-10-22T14:51:38Z

Clarify last sentence.

← Older revision		Revision as of 14:51, 22 October 2020
Line 17:		Line 17:
	The temporary measures were orginally scheduled to end on 30 September 2020.		The temporary measures were orginally scheduled to end on 30 September 2020.

	They were subsequently extended to 31 December 2020 ~~and~~ 30 March 2021, ~~for different measures~~.		They were subsequently extended to 31 December 2020 or 30 March 2021, depending on the measure.

imported>Doug Williamson: Update for extension to protection period.

2020-10-22T14:50:00Z

Update for extension to protection period.

← Older revision		Revision as of 14:50, 22 October 2020
Line 13:		Line 13:
	*Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis.		*Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis.
	*Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt.		*Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt.


			The temporary measures were orginally scheduled to end on 30 September 2020.

			They were subsequently extended to 31 December 2020 and 30 March 2021, for different measures.

imported>Doug Williamson: Add link.

2020-10-14T22:14:27Z

Add link.

← Older revision		Revision as of 22:14, 14 October 2020
Line 34:		Line 34:
	* [[Statement of affairs]]		* [[Statement of affairs]]
	* [[Statutory demand]]		* [[Statutory demand]]
			* [[Termination clause]]
	* [[Voluntary liquidation]]		* [[Voluntary liquidation]]
	* [[Winding up petition]]		* [[Winding up petition]]