CIGA Update

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CIGA Update

In our recent article, we highlighted how the measures contained in the Corporate Governance and Insolvency Act 2020 were due to expire in the coming weeks. However, the Government have since announced that the powers granted by the Act – to make temporary changes or modify the effects of the legislation – will be extended for another year, as the UK emerges from the most significant economic shock it has experienced in peace time.

Whilst the exact consequences of this were unknown at the time of our last update, it has now been confirmed that the measures contained within the Act, including the moratorium on statutory demands and winding up petitions, will be extended to 30 June 2021, in line with the roadmap set out by the Prime Minister a few weeks ago that aims to restart the economy restriction free by 21st June. Whilst there could be bumps in the road, it would mean that the Summer months could allow creditors once again to utilise these tools as businesses across the country look towards recovery and pursuing debt that has been left unpaid during the crisis.

You can find the details of the current measures in our article here: Powerful Debt Recovery tools set for a return later this year – Keebles and here An update on the Corporate Insolvency and Governance Act 2020 – Keebles

If you have any questions on the topics discussed above, please contact Craig Chappell at craig.chappell@keebles.com or call 0113 399 3423

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