UKHCA

United Kingdom Homecare Association
The professional association for homecare providers

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Major insolvency reforms come into forceMajor insolvency reforms come into force

The Corporate Insolvency and Governance Act came into effect on 26 June 2020 and brings in new corporate restructuring tools, with a new role of monitor to oversee a corporate moratorium, and temporary easements to give distressed companies breathing space to increase their chances of survival.

The Act provides temporary relief until 30 September 2020 from being subject to a winding up petition and wrongful trading provisions where a business can demonstrate its difficulties arise from trading conditions arising from the COVID-19 pandemic.

The Act also makes changes to company filing and meeting requirements to relieve the burden on businesses during the pandemic.

News story, Major changes to insolvency law come into force, published 29 June 2020.

Northern Ireland intends to keep in step with this legislation. Executive daily update, 26 June 2020.


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UKHCA News ID: 235813

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