The 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 the COVID-19 pandemic. It introduces temporary measures to give companies more time to avoid insolvency, such as New Moratoriums and Extended Restructuring Plans. The Act also aims to improve corporate transparency and accountability by enhancing directors' duties and strengthening provisions against wrongful trading. Overall, it balances protecting businesses and their stakeholders while promoting responsible management and providing frameworks for recovery or orderly wind-down.