Corporate Insolvency and Governance Act 2020

The Corporate Insolvency and Governance Act 2020 is UK legislation designed to help businesses facing financial difficulties, especially during crises like the COVID-19 pandemic. It introduced measures to make it easier for companies to restructure debts and simplify the administration process. Key features include a new restructuring plan that allows companies to negotiate with creditors while continuing operations and temporary relief from winding-up petitions. It aims to protect jobs and ensure businesses have a better chance to recover, promoting economic stability while providing a framework for efficient corporate governance during insolvency situations.