International Corporate Rescue
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Vol 17 (2020) - Issue 5
Article preview
The CIGA Moratorium: A Lifeline for UK Companies?
Emily Saunderson, Barrister, Quadrant Chambers, London, UKSynopsis
The new moratorium provisions introduced into UK law by the Corporate Insolvency and Governance Act 2020 ('CIGA') are designed to provide breathing space for viable companies that have been laid-low by the effects of the COVID-19 pandemic to allow them to either trade out of trouble or come up with a rescue plan before creditors take enforcement action.
Commercial lawyers need to be aware of the basics of the new procedure because of the challenges it presents to creditors seeking to enforce debts and because it includes a change of priorities in any subsequent insolvency. This article outlines the key aspects of the new moratorium process.
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