In May, we reported that the UK Government’s much anticipated reforms to UK insolvency law were introduced in Parliament when the Corporate Insolvency and Governance Bill 2020 (the “Bill“) started its passage in the House of Commons on 20 May 2020.
As expected, the Bill has been fast-tracked through Parliament. The Bill received Royal Assent and the Corporate Insolvency and Governance Act 2020 (the “Act“) became an Act of Parliament on 25 June 2020, just five weeks after the legislative process began. The majority of its provisions commence today, on 26 June 2020, albeit most of the temporary business protection measures it enacts have retrospective effect from 1 March 2020.
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