1. At the 11^th hour the Government has, effective today, 29 September, extended some (but not all) of the temporary provisions (which were due to expire on 30 September 2020) introduced by the Corporate Insolvency and Governance Act 2020 (“CIGA” or “the 2020 Act”): see here.

Further protection for some businesses but further frustration for others.

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 makes the most significant changes to UK insolvency law in a generation. It had a rapid passage through the UK parliamentary process, making its way from first publication on 20 May 2020 to Royal assent on 25 June 2020 in just over five weeks. This article provides a brief overview of the key measures introduced by the Act (both permanent and temporary) and summarises the amendments made to the Act during its progress through parliament. It also provides links to our further, more in-depth, analysis.

*Fried Frank published a memorandum titled COVID-19 Pandemic: Key UK Government and Bank of England Initiatives to Support Businesses on March 30, 2020 and published updates to this memorandum on April 15, 2020, May 13, 2020 and June 15, 2020. As we approach the expiry of a number of the UK Government's initial COVID-19 business support initiatives, this memorandum summarises the UK Government measures that have been announced and that are to be available to eligible UK businesses as we move into 2021.

. .1. はじめに Covid-19 の影響が残る 2020 年 6 月 26 日、英国新倒産法(Corporate Insolvency and Governance Act 2020)が施行され、英国 倒産法の大改正が実施されました。英国新倒産法の最大の目的は、債務者フレンドリーな倒産制度の確立にあります。欧州の ファイナンスのハブとして機能する英国は、これまでは比較的、債権者フレンドリーな倒産制度を採用していましたが、新倒産法に より方向転換が図られています。 本ニューズレターでは、ファイナンスの視点から、英国倒産法を概説すると共に、英国新倒産法によるファイナンス実務への影 響を考察します 1 。 2. 英国企業倒産手続及びその適用範囲 (1) 英国企業倒産手続とモラトリアム 英国の企業倒産手続には、主として①清算手続(Liquidation 又は Winding up)、②会社任意整理(Company Voluntary Arrangement)、③スキームオブアレンジメント(Scheme of Arrangement)、④会社管理手続(Administration)及び⑤財産管理手続 (Receivership)があります。

The United Kingdom Department for Business, Energy and Industrial Strategy has announced that certain temporary measures put in place under the Corporate Insolvency and Governance Act 2020 (CIGA), which became law on 26 June 2020, will be extended.

Statutory Demands and Winding-Up Petitions

On 23 April 2020, the UK Government announced that the use of statutory demands and winding-up petitions would be restricted to ‘safeguard the UK high street against aggressive debt recovery actions' during the COVID-19 pandemic.

As previously reported, the Corporate Insolvency and Governance Act 2020 (CIGA) had made some permanent and temporary changes to the insolvency regime.

Here we focus on the impact of CIGA on construction contracts and, in particular, how the new provisions impact on construction contracts and the Construction Act.

What is CICA?