On 25 June 2020 the Corporate Insolvency and Governance Act (the Act) received Royal Assent. The Act makes both temporary and permanent changes to the UK insolvency laws.

As part of these measures, a new provision has been inserted into existing legislation which will curtail the ability of suppliers to terminate supply contracts when a customer becomes insolvent (the so called `ipso facto regime').

Samantha Gilbert speaks to compliance leaders from the healthcare, financial services, insurance, IT and commercial sectors on what to expect from the new “business as usual” and enforcement. Conduct reviews, increased regulatory scrutiny and long-term digitisation are some key issues for compliance teams to prepare for.

Lexology Pro Compliancetakes a look at some of the most informative articles published on Lexology this fortnight for compliance teams to stay up-to-date, including key guidance from regulators around the world and practical tips to help businesses adapt to a new normal.

The High Court recently refused to grant an order sought by a Revenue-appointed liquidator, requiring Google Ireland to provide him with access to a private Gmail account. The Gmail account in question was believed to have been operated by the liquidated company. For their part, Google strongly resisted the liquidator’s application, citing concerns over protecting the privacy of individuals. It argued that the liquidator was seeking access to the entirety of the Gmail account which could contain diary entries and photographs as well as emails.

The new Corporate Insolvency and Governance Bill will introduce new provisions to protect a company from suppliers wishing to terminate supply contracts or invoking more draconian terms when the company is entering into certain insolvency procedures, a CVA, or a new restructuring plan or moratorium (as introduced by the Bill), (each an “Insolvency Procedure”).

The purpose behind the new provisions is to maximise the possibility of a company being rescued or being able to sell its business as a going concern by helping it to trade through an Insolvency Procedure.

The new , currently expected to be enacted in mid-June 2020, is likely significantly to impact many supplies of goods and services to companies that are or may be in financial distress. However, the effects are sufficiently far-reaching that they could impact the balance of rights in all supply chains and particularly the drafting of supply contracts, with an impact on both suppliers and their customers or clients.

Status as of 09/06 12:00 CET

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Status as of 16/09       

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In a special edition of the latest bi-monthly magazine, Israel Desks, we explore the unprecedented impact of the Coronavirus pandemic on Israeli and global law firms and their clients. Managing and Senior Partners, amongst Israel's leading law firms discuss what issues have concerned clients and how they have been coping. We also talk to leaders in Germany, Italy, UK, U.S., Poland and China to find out how they have been handling this crisis and what legal advice their clients have been seeking.

Brexit’s transition process will pose a number of challenges for businesses. We have created this tracking tool to help our clients manage and avoid issues as new developments take shape. Over the coming months, we will continue updating this tool to include additional information and topics that come to light. By tracking developments and explaining how they impact businesses like yours, we will help you assess your position and determine your priorities as we move to the end of the transition period.