This blog discusses some of the measures put in place to help business survival and build economic resilience through the COVID-19 pandemic; the Corporate Insolvency and Governance Bill that received Royal Assent on 25th June 2020 and The Corporate Insolvency and Governance Act (CIG) which came into force on 26th June 2020. The Corporate Insolvency and Governance Act 2020 (“CIGA“) ushered in a flexible restructuring compromise or arrangement for companies in financial difficulty (the “Restructuring Plan“).The legislation governing the Restructuring Plan sits alongside that for schemes of arrangement and is included in a new Part 26A to the Companies Act … CIGA is largely modeled on the … Secondary legislation in the form of The Corporate Insolvency … The Corporate Insolvency and Governance Act 2020 (the “Act”) has been given Royal Assent and came into force on 26 June 2020. This new reorganisation … The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis. The Restructuring Plan … What is it? Spurred on by the coronavirus (COVID-19) pandemic, the government pushed through the Corporate Insolvency and Governance Act 2020 (CIGA 2020). A new form of restructuring plan (RP) which can be entered into with all creditors.It is found within the Corporate Insolvency and Governance Bill (Bill) and assuming it is enacted in its current form, it will sit next to schemes or arrangements in the Companies Act 2006 (rather than the Insolvency Act … He advises on all aspects of corporate restructuring and insolvency, with a particular specialism in contentious … In June 2020, the UK Corporate Insolvency and Governance Act (CIGA) took effect, making both permanent and temporary changes to the restructuring landscape. This Precedent is a witness statement for use in support of an application to court by a company for a restructuring plan under Part 26A of the Companies Act 2006 (otherwise known as a part 26A restructuring plan, CIGA restructuring plan … Restructuring Plan. The Act introduced both permanent changes to insolvency and corporate … The Corporate Insolvency and Governance Act 2020 (“CIGA“) ushered in a flexible restructuring compromise or arrangement for companies in financial difficulty (the “Restructuring Plan… Corporate Insolvency and Governance Act 2020—witness statement in support of an application for a restructuring plan. Overview of the Corporate Insolvency & Governance Act 2020 (‘CIGA’) CIGA is a new Act enacted on 26 June 2020 implementing arguably the most significant changes to the UK’s restructuring and insolvency … The Corporate Insolvency and Governance Act updates the Companies Act 2006 (CA 2006) by the introduction of a ‘Restructuring Plan’. The government previously consulted on proposed changes to the UK’s insolvency regime and published its response on 26 August 2018 (see News Analysis: Exploring the government’s response to the insolvency and corporate governance …