Both COVID-19 itself and the severe financial impact the virus and associated lockdown has had on the UK economy, have led not only to a large number of UK businesses re-examining the contractual terms on which they do business but also to a spike in disputes. Some matters which have been prominent in current disputes, and which are therefore key considerations for business both in looking at their existing contracts and planning for the future, include the following: • What termination provisions do they have in their contracts?

The UK's Supreme Court ("UKSC") has handed down its judgment following the hearing of the appeal in the case of Sevilleja v Marex Financial Limited [2020] UKSC 31 ("Marex"). The appeal was against the decision of the Court of Appeal to find that the rule of reflective loss applied to 90% of Marex's claim, which was brought in its capacity as a creditor.

The appeal was unanimously allowed by UKSC and it confirmed the rule did not extend to creditors.

In the case of 1842752 Ontario Inc. v. Fortress Wismer 3-2011 Ltd.[1](the "Fortress Case"), the Ontario Court of Appeal held that a judgment creditor is not entitled to enforce a writ of seizure and sale against a registered owner that beneficially holds land in trust for a judgment debtor, nor to priority over arm's length construction financing.

The Corporate Insolvency and Governance Act (CIGA 2020) came into force overnight on Friday 26 June and will have a significant impact on contracts and contract management, in the construction sector, and many others.

The Corporate Insolvency and Governance Act 2020 (CIGA) came into effect on 26 June 2020. Whilst the Act makes a number of changes to the insolvency regime (which are detailed in our Restructuring and Insolvency team's previous article), the focus of this section of the article is the potential effects of the CIGA from a pensions perspective.

Key message

The (the CIG Act) received Royal Assent on 25 June 2020 and effects wide ranging changes.

On 26 June 2020, the Corporate Insolvency and Governance Act 2020 (the "CIGA") came into effect. As anticipated in our previous article the CIGA was fast-tracked through Parliament and some amendments were ultimately made prior to it becoming law.

On 26 June 2020, the Corporate Insolvency and Governance Act^[1] (the Act) came into force.

The Act has significant implications for supply contracts as it will prevent many suppliers ending existing contracts once a business is insolvent. The Act will make a big impact on existing supply contracts, and will also affect the drafting and negotiation of new contracts.

The (the "Act") obtained Royal Assent on 25 June 2020 and came into effect on 26 June 2020.

The Act is intended to offer protection to businesses that are having difficulties trading due to the current economic downturn and beyond, and generally marks a shift towards a more debtor-friendly regime. The provisions will be relevant to occupational pension schemes.

The Corporate Insolvency and Governance Act 2020 (the "Act") obtained Royal Assent on 25 June 2020 and came into effect on 26 June 2020.

The Act is intended to offer protection to businesses that are having difficulties trading due to the current economic downturn and beyond, and generally marks a shift towards a more debtor-friendly regime. The provisions will be relevant to occupational pension schemes.