Corporate Insolvency and Governance Bill 2020

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Corporate Insolvency and Governance Bill 2020

New amendments to the UK’s Insolvency Laws

BOSS has issued the following update relating to the UK’s Insolvency Laws:

The Department for Business, Energy and Industrial Strategy (BEIS) has published a Bill expected to be given Royal Assent and enacted before the end of June 2020.

This new legislation will be the most significant change to the UK’s Insolvency Laws since the introduction of the administration regime in the Enterprise Act 2002.

Most of the provisions in the new Bill come about as a result of the review of the Insolvency framework from 2016 to 2018.  Implementation of the reforms planned as a result of that review have been delayed due to lack of Parliamentary time due to Brexit.

BEIS has added some emergency and temporary measures to the Bill to provide interim relief for businesses affected by the Covid-19 pandemic.

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