The Corporate Insolvency and Governance Act 2020 has introduced a new standalone moratorium procedure for companies.¹ The moratorium is part of a package of significant legislative reforms contained in the Act, intended to enhance the UK’s restructuring rescue culture. These were originally consulted on between 2016 and 2018 and were fast-tracked to deal with the COVID-19 pandemic.

Overview

The Corporate Insolvency and Governance Act 2020 has introduced a new standalone moratorium procedure for companies.¹ The moratorium is part of a package of significant legislative reforms contained in the Act, intended to enhance the UK’s restructuring rescue culture. These were originally consulted on between 2016 and 2018 and were fast-tracked to deal with the COVID-19 pandemic.

Overview

The Corporate Insolvency and Governance Bill introduces a new standalone moratorium procedure for companies. The moratorium is part of a package of significant legislative reforms contained in the Bill and intended to enhance the UK’s restructuring rescue culture. These were originally consulted on in 2018 and have now been fast-tracked to deal with the COVID-19 pandemic.

The adoption of new international guidelines on cross-border insolvency matters by the BVI courts has been welcomed by Ogier insolvency law specialist Nicholas Brookes.

The Judicial Insolvency Network guidelines – drafted in 2016 by ten insolvency judges from international jurisdictions, including a BVI Commercial Court Judge – aim to create co-operation and communication between courts on cross-jurisdiction proceedings, and to minimise the time and expense involved in litigation.