UK Corporate Insolvency & Governance Act: Impact on Business Restructuring
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Key takeaways:
- The UK has reformed the UK Insolvency Framework through the Corporate Insolvency and Governance Act, which came into force on 26 June 2020;
- The amended framework is designed to bolster the ability to rescue UK businesses in difficulty by introducing a new moratorium period and a new, court-sanctioned, restructuring plan allowing for cross-class cram-downs and the restructuring of interests of non-financial creditors;
- The legislation has also introduced restrictions on the use of insolvency-triggered termination clauses in supply contracts and some temporary changes to help businesses navigate the current economic crisis.
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