Bloomsbury Professional Law Insight - Corporate Insolvency and Governance ACT 2020

Erscheinungsjahr 2021
ISBN: 978-1-5265-1708-1
Verlag: Bloomsbury Academic

Buch, Englisch, 112 Seiten, Paperback, Format (B × H): 206 mm x 292 mm, Gewicht: 363 g

Having gone through an accelerated parliamentary process, the Corporate Insolvency and Governance Act 2020 came into force on 26 June, 2020 having been given Royal Assent on the 25 June, 2020.

It introduces the most significant changes in corporate insolvency law for nearly 20 years and has been introduced in response to COVID-19. Its main aim is to assist companies and directors by providing businesses with the flexibility and breathing space they need to continue trading during the difficult time caused by COVID-19.

The key insolvency related reforms included in the Act are:

- New moratorium outside of a formal insolvency process
- New restructuring plan
- Prohibition on issuing statutory demands and winding up petitions in connection with Covid-19 related debts
- Retrospective suspension of wrongful trading
- Protection of supplies of goods and services

This title is included in Bloomsbury Professional's Insolvency Law online service.

Autoren/Hrsg.

Beale, Simon

Keddie, Paul

Bromley-White, Tim

Fachgebiete

• Rechtswissenschaften Ausländisches Recht Common Law (UK, USA, Australien u.a.)

Inhaltsverzeichnis

Chapter 1: Introduction
WHAT NEW PROVISONS HAVE BEEN INTRODUCED?
WHAT HAS BEEN THE REACTION TO THE PERMANENT CHANGES?
Chapter 2: Moratorium
INTRODUCTION
WHICH COMPANIES WILL BE ELIGIBLE FOR A MORATORIUM?
HOW CAN A COMPANY OBTAIN A MORATORIUM?
WHAT IS THE EFFECT OF A MORATORIUM?
THE MONITOR
WHAT IS THE DURATION OF A MORATORIUM?
CHALLENGES IN CONNECTION WITH A MORATORIUM
INSOLVENCY PROCEDURES FOLLOWING A MORATORIUM AND SUPER-PRIORITY
Chapter 3: Restructuring plan
INTRODUCTION
WHEN WILL A COMPANY BE ELIGIBLE FOR A RESTRUCTURING PLAN?
WHAT MUST A RESTUCTURING PLAN BE DESIGNED TO ACHIEVE?
WHAT IS THE PROCEDURE FOR ADOPTING A RESTRUCTURING PLAN?
WHICH STAKEHOLDERS VOTE ON THE RESTRUCTURING PLAN?
THE CONVENING HEARING
CLASS COMPOSITION ISSUES
THE NOTICES OF MEETINGS
THE MEETINGS
THE SANCTION HEARING
THE ORDER MADE AT THE SANCTION HEARING
FOREIGN COMPANIES AND STAKEHOLDERS
PENSION SCHEMES
Chapter 4: Restrictions on the termination of supply contracts
INTRODUCTION
THE PRE-CIGA 2020 REGIME
THE CHANGES INTRODUCED BY CIGA 2020
WHAT RESTRICTIONS WILL BE IMPOSED?
HOW WILL THE NEW PROVISIONS WORK IN PRACTICE?
Chapter 5: Temporary provisions
ADMINISTRATION: SALES TO CONNECTED PERSONS
SUSPENSION OF LIABILITY FOR WRONGFUL TRADING
SUSPENSION IN RELATION TO WINDING-UP PETITIONS
REGULATIONS TO AMEND LEGISLATION

Über Autor(innen)

Bromley-White, Tim
Tim is a solcitor at Macfarlanes. He advises on a range of financial transactions, with a focus on restructurings, insolvency and debt financings. His experience includes consensual debt restructurings, administrations, liquidations and other formal insolvency processes, as well as leveraged finance, real estate finance and fund finance.
His clients include banks, alternative finance providers, corporate borrowers, creditors, insolvency practitioners and the shareholders and directors of distressed companies.
Tim is the co-author of the English chapter of The International Comparative Legal Guide to: Corporate Recovery & Insolvency 2019.

Beale, Simon
Simon Beale is the Head of the insolvency practice at Mcfarlanes. He has more than 22 years' experience of advising on corporate restructuring and recovery issues.

Simon acts for troubled companies, their directors and shareholders and for the major financial creditors of such entities. His clients also include distressed debt investors, insolvency officeholders and a variety of other parties with an interest, or potential interest, in the troubled company's business.

Simon is the co-author of the Insolvency and Restructuring Manual published by Bloomsbury Professional.

Keddie, Paul
Paul Keddie is Senior Counsel at Macfarlanes. Paul advises on a broad range of corporate restructuring and recovery issues.His clients include companies in financial difficulties, their directors and shareholders, insolvency practitioners appointed over such companies, lenders to and other major creditors of troubled entities, investors interested in a "loan-to-own" strategy and buyers of businesses where there is an insolvency aspect.
Paul's experience also includes a recent secondment at Warwick Capital Partners LLP. Paul is a qualified insolvency practitioner, having passed the Joint Insolvency Examination Board examinations in 2013.
Paul is the co-author of the Insolvency and Restructuring Manual, 3rd Edition, published by Bloomsbury Professional Ltd, 2018 and the "Directors and Insolvency: Dangers and Duties" and "England" chapters of The International Comparative Legal Guide to: Corporate Recovery & Insolvency 2019.

Simon Beale is the Head of the insolvency practice at Mcfarlanes. He has more than 22 years' experience of advising on corporate restructuring and recovery issues.

Simon acts for troubled companies, their directors and shareholders and for the major financial creditors of such entities. His clients also include distressed debt investors, insolvency officeholders and a variety of other parties with an interest, or potential interest, in the troubled company's business.

Simon is the co-author of the Insolvency and Restructuring Manual published by Bloomsbury Professional.