Date17 Jun 2020
CategoryRestructuring & Insolvency
The Corporate Insolvency and Governance Bill passed through the House of Commons on Wednesday 3 June 2020 and proceeded to the House of Lords on Tuesday 9 June 2020. The expectation is that it will reach its third reading in the House of Lords on 23 June 2020.
The Bill will introduce new corporate restructuring tools for insolvency professionals to use to help companies that require a breathing space and restructuring plan to survive.
Key aspects of the bill in relation to restructuring are:
A more detailed summary of the provision of the Bill and how the new regime will work can be found here.
The Insolvency Law measures in the Bill are “reserved” in relation to Wales, in some respects devolved in Scotland and are fully transferred to Northern Ireland.
If you would like further information, please contact a member of our Restructuring & Insolvency (R&I) team.