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Vol 18 (2021) - Issue 1
Article preview
CIGA: Extension of Temporary Measures
Katharina Crinson, Counsel, Freshfields Bruckhaus Deringer LLP, London, UKSynopsis
The Corporate Insolvency and Governance Act 2020 (CIGA) with much fanfare brought into force three permanent restructuring measures, namely the restructuring plan, the moratorium and provisions to protect supply of goods and services in insolvency. CIGA however also introduced two temporary measures for companies facing financial difficulties as a result of the COVID-19 pandemic: a 'suspension of liability for wrongful trading' and restrictions on winding up petitions.
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