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An Overview of the UK Corporate Insolvency and Governance Bill

Client memorandum | June 10, 2020

On 20 May 2020, the UK Government presented the Corporate Insolvency and Governance Bill (the “Bill”) to the House of Commons.  The Bill is being fast-tracked through Parliament, with the aim of completing all stages and becoming law during July 2020.  On 3 June 2020, the Bill was passed by the House of Commons and the Bill is now to be considered by the House of Lords, and if approved, it will require Royal Assent before becoming law.  If enacted, the Bill would demonstrate the most significant set of reforms to the UK’s restructuring and insolvency regime since the introduction of the Enterprise Act in 2003.  The proposals set out in the Bill contain a mixture of permanent reforms designed to update the UK’s insolvency framework and temporary measures focused on addressing the impact of the COVID-19 pandemic on UK businesses.  This memorandum seeks to provide an overview of the key proposals set out in the Bill. 
 

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