The Corporate Insolvency and Governance Bill - our initial thoughts

On 20 May 2020 the Corporate Insolvency and Governance Bill was introduced to Parliament. This is a major piece of legislation (stretching to 229 pages) and will form a centrepiece of the Government’s response to the fallout of the Covid 19 pandemic for businesses. It will not be law until it has passed all stages of the Parliamentary process - which is to take place at an accelerated pace. It will also be supplemented by amendments to the insolvency rules (or a special set of rules) which will fill in many gaps. However, as it is such a significant piece of new law we set out our initial comments on the insolvency and restructuring provisions below. We will be providing separate updates on the corporate governance aspects of the bill.