摘要
The Corporate Insolvency and Governance Act 2020 (CIGA) introduced the most significant reforms to UK insolvency law in over 20 years. Partly driven by the COVID-19 pandemic but drawing on years of consultation, it created three new permanent tools: a standalone moratorium giving financially distressed companies breathing space, a new restructuring plan procedure, and restrictions on suppliers terminating contracts when a customer enters an insolvency procedure.
要点
- Standalone moratorium (Part 1) — 20 business-day initial period (extendable) preventing creditor action while the company seeks rescue, supervised by a monitor
- Restructuring plan (Part 9, inserting new Part 26A Companies Act 2006) — cross-class cram-down mechanism allowing the court to sanction a plan even if not all classes of creditor agree
- Ipso facto clauses restricted (s.233B Insolvency Act 1986) — suppliers cannot terminate contracts or charge higher prices solely because a customer enters an insolvency procedure
- Temporary COVID-19 measures — suspension of wrongful trading liability, restrictions on winding-up petitions for COVID-related debts (temporary provisions expired)
- Small company moratorium — simplified moratorium procedure for small companies