The first draft of the much anticipated Corporate Insolvency and Governance Bill, which we have written about previously from the perspective of the UK High Street, has been published and it is expected to be passed in early June.
The Bill contains wide ranging changes to the insolvency landscape in the face of the COVID-19 pandemic and its impact on finances and the broader economy. It is envisaged its applicability will be time limited and, unusually, some aspects it appears will have retrospective effect. From a first glance the proposals are in line with the government announcements made previously, in particular in respect of winding up petitions and wrongful trading.
We will provide a detailed update on the key points of the final version of what becomes the Corporate Insolvency and Governance Act.
Anyone with specific queries regarding the likely impact of this legislation on their business are encouraged to contact Chambers for assistance.