New support for directors: Corporate Insolvency and Governance Act 2020

On 26 June 2020 the Government’s new Corporate Insolvency and Governance Act 2020 (CIGA) came into force. CIGA sets out temporary measures in response to the COVID-19 pandemic. Also, there are important permanent reforms to insolvency and company law. Together this represents a major package of new legislation to help navigate troubled times and in […]

Directors’ decisions: call a moratorium for 20 days?

Government announce plans to protect businesses During the current COVID-19 crisis the government have announced new plans to help directors run their businesses without threats from third party creditors. Some of these are temporary but the government have also announced some permanent new laws, as an addition to current Insolvency Law. This is in order to […]

Directors’ difficult decisions during the COVID-19 lockdown

What can directors continue to do to ensure good governance of their business? The directors of companies in the UK across many business areas are having to make unusually difficult decisions. Sometimes this even includes if their company can continue to trade and exist. Directors take advice where necessary and frequently have had to act quickly. […]

Wrongful trading rules suspension: be careful what you wish for!

Due to the material impact of the Coronavirus outbreak on UK business, the Government announced on 28 March amendments to existing statutory insolvency measures. This is in order to assist directors of businesses potentially unable to meet their debts in the current climate. Suspension of ‘wrongful trading’ rules The way this will be dealt with […]