What is it? The UK Corporate Insolvency and Governance Act 2020 came into force on 26 June 2020. It introduced a new restructuring plan procedure amongst its package of permanent measures. The restructuring plan gives directors another tool when considering restructuring options. Directors faced with financial distress can now weigh up the new restructuring plan, or the existing “tried and tested” scheme of arrangement. At first blush the two processes are very similar. Like the…

In brief 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…