News & Events

Insolvency Act

UK insolvency reforms – a blueprint for reform in offshore jurisdictions?

Tim Prudhoe and Justina Stewart look at the likely implications of the Corporate Insolvency and Governance Bill on several overseas jurisdictions. In the short time since first published (22 May 2020), much electronic ink has been spilt on the most significant reforms introduced by the UK Parliament in a generation to insolvency and restructuring law – the Corporate Insolvency and Governance Bill. Much, though, is still left unsaid as to the likely wider reach outside of the UK of the finished product. The raw material is there for this to have a major impact in several overseas jurisdictions that follow the English common law model (albeit not, directly, its actual statutory regime). In this article, Tim Prudhoe and Justina Stewart highlight the…

Covid-19, Commercial during Covid-19, Legal Blog & Publications, Commercial 12 Jun, 2020

The Corporate Insolvency and Governance Bill – What it means for Directors and Creditors

The Government has published the Corporate Insolvency and Governance Bill setting out the measures it intends to bring in to help businesses survive the economic shock caused by Covid-19, together with important reforms to insolvency. In this article Saaman Pourghadiri of Outer Temple Chambers and Meriel Hodgson-Teall and Daniel Mills of Enyo Law consider what those measures mean for directors and suppliers to companies. This article updates a note Saaman, Meriel and Daniel wrote when measures to assist businesses were first announced. That note can be found here. Overview of the Bill The Corporate Insolvency and Governance Bill (the “Bill”) introduces temporary measures to respond to the Covid-19 crisis and permanent additions to the UK insolvency regime. As at the…

Covid-19, Commercial during Covid-19 3 Jun, 2020

Suspension of wrongful trading provisions to ease COVID-19 fallout – not a panacea for directors

In more Covid-19 related business news, the Government will amend the UK Insolvency Act 1986 to temporarily suspend provisions relating to wrongful trading by UK directors to help them to tackle these extreme trading conditions without the threat of personal liability. Saaman Pourghadiri has collaborated with Meriel Hodgson-Teall and Daniel Mills of Enyo Law to analyse the proposed suspension of wrongful trading provisions & Directors continuing liabilities and duties. Amongst a set of far-reaching new measures designed to ease the pressures and impact of the COVID-19 pandemic on UK businesses, the UK Government recently announced its intention to temporarily suspend provisions relating to wrongful trading by directors of UK companies. The measures, implemented by way of amendment to the UK…

Covid-19, Commercial during Covid-19, Commercial, News 28 Apr, 2020

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