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    Insolvency: How supply contracts just got a whole lot harder to terminate
    2020-07-01

    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.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Gowling WLG
    Authors:
    David Lowe , Julian C. Pallett , Tom Stockley , Stephan Smoktunowicz
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Quick Guides: Changes To UK Insolvency Laws
    2020-07-01

    On 25 June 2020 the Corporate Insolvency and Governance Act received Royal Assent, making some of the biggest changes to UK insolvency laws in the last 30 years. We have written several blogs covering the changes and how they help support distressed businesses, impact suppliers, lenders and other third parties and have tracked the changes through the UK parliament.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Squire Patton Boggs, Coronavirus
    Authors:
    Rachael Markham
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Pressure points: Trustees beware - Changes to UK insolvency regime are now in force (UK)
    2020-07-02

    The Corporate Insolvency and Governance Act 2020 received Royal Assent and is now in force.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Coronavirus
    Authors:
    Rachel Pinto , John Whiteoak , Tim Smith
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    United Kingdom: Pensions - Corporate Governance and Insolvency Act 2020 comes into force
    2020-07-02

    In brief

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Baker McKenzie, Corporate governance, Coronavirus, UK House of Commons
    Authors:
    Jeanette E. Holland , Geoff O'Dea , Priyanka Usmani
    Location:
    United Kingdom
    Firm:
    Baker McKenzie
    The Corporate Insolvency and Governance Act - questions and answers with Ropes & Gray
    2020-06-30

    The Corporate Insolvency and Governance Act (the ‘CIGA’), which came into force on 26 June 2020, introduces the most significant changes to English insolvency law in a generation. In this article, we explore those changes in a ‘question and answer’ format.

    At a glance – what has changed?

    The CIGA has introduced permanent changes to English legislation that will ensure that England & Wales remains at the forefront of the global restructuring market. These measures are:

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Ropes & Gray LLP, Brexit, Coronavirus
    Authors:
    Matthew Czyzyk
    Location:
    European Union, United Kingdom
    Firm:
    Ropes & Gray LLP
    Contemnor sentenced to 18 months imprisonment for breach of freezing injunction in fraud action by company in liquidation - Rory Brown
    2020-07-01

    Yuzu v Selvathiraviam [2020] EWHC 1539 (Ch) and Yuzu v Selvathiraviam [2020] EWHC 1694 (Ch)

    Further to his findings in an earlier judgment that Mr Selvathiraviam (‘R’) had deliberately breached the asset disclosure provisions in a freezing injunction, Mann J imposed an 18 month sentence on R, unconditionally suspended for 21 days. He commented as follows:

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, 9 Stone Buildings, Coronavirus
    Authors:
    Rory Brown
    Location:
    United Kingdom
    Firm:
    9 Stone Buildings
    Directors' Duties: A Practical Guide to trading during COVID-19 - Part 2 - Update July 2020
    2020-07-01

    The Act outlines certain insolvency law reforms in response to the COVID-19 crisis, including a temporary suspension of wrongful trading provisions for company directors. The suspension applies retrospectively from 1 March 2020 until 30 September 2020, and aims to encourage directors to continue to trade during the pandemic.

    This change will not affect the directors’ duties regime. Directors must continue to comply with their duties, in particular those owed to the company's creditors where the company is, or is likely to be, insolvent.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Addleshaw Goddard LLP, Directors' duties, Coronavirus
    Authors:
    Kirsten Fleming , Tim Cooper
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    The corporate insolvency and governance act 2020: what pension scheme trustees need to know
    2020-06-30

    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.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Gowling WLG, Coronavirus
    Authors:
    Julian C. Pallett , Christopher Stiles
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    COVID-19: the company administration aspects of the Corporate Insolvency and Governance Act 2020
    2020-06-30

    The Corporate Insolvency and Governance Act 2020 (CIGA) came into force on 26 June 2020, having been fast-tracked through Parliament. Although most of CIGA relates to insolvency law, the Act also makes some temporary changes to company law in the UK. The purpose of these is to give companies greater flexibility to deal with the difficulties caused by COVID-19.

    Key changes

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Dentons, Coronavirus
    Authors:
    Brian Moore , Richard Barham , Christopher Colclough , Iain Sutherland , Gordon Hobkirk , Anna Janik
    Location:
    United Kingdom
    Firm:
    Dentons
    UK Corporate Insolvency and Governance Act 2020 now in force
    2020-06-30

    On 26 June 2020 the Corporate Insolvency and Governance Act 2020 (the Act) came into force. The Act marks the most significant insolvency reforms in a generation. It doesn’t just deal with measures required to tide companies through the COVID-19 pandemic but includes far-reaching wholesale reforms to the UK’s restructuring toolbox, including the introduction of the restructuring plan, which has the potential to be a gamechanger for restructurings.

    There are two temporary measures dealing with COVID-19 impacts on companies specifically:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Coronavirus, House of Lords
    Authors:
    Katharina Crinson
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer

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