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Lighting up the CIGA!
The Corporate Insolvency and Governance Act 2020 (CIGA) entered into force in the United Kingdom this summer, amidst the economic and social disruption caused by the COVID-19 crisis.
The Corporate Insolvency and Governance Act 2020 (CIGA)
How will the Act impact restructuring in the UK?
United Kingdom | Publication | October 2020
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.
CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of the draft legislation in May. CIGA is part of the Government’s response to the COVID-19 crisis and introduces a number of “debtor friendly” measures to English restructuring and insolvency law, which up to now has been regarded as “creditor friendly”.
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UK: New Corporate Insolvency and Governance Act: Implications for ABLs
The UK Corporate Insolvency and Governance Act 2020 (the Act) came into force in June 2020.
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UK: The new Corporate Insolvency and Governance Act: Implications for the energy and infrastructure sectors
The Corporate Insolvency and Governance Act 2020 (the “Act”) introduces a number of temporary and permanent measures to restructuring and insolvency law which will affect creditors’ rights in the UK.
Publication
UK: Corporate Insolvency and Governance Act 2020: More debtor-friendly restructuring regime?
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.
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UK: Essential UK Pensions News
The Corporate Insolvency and Governance Act 2020 was introduced as a Bill in the House of Commons on May 20, 2020 and obtained Royal Assent on June 25, 2020.
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UK: Government updates its guidance on responsible contractual behaviour
This article is an update to our previous post on the government’s guidance on responsible contractual behaviour for contracts impacted by COVID-19.
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UK: Pensions Briefing: Covenant strength and deficit funding
The impact of a good overall covenant on the funding requirements of a defined benefit pension scheme and the ability for a deterioration in the covenant to result in a sharp spike in funding liabilities cannot be underestimated.
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Paying the Price: Court of Appeal holds debt still due when non-fulfilment of a condition precedent is caused by the buyer’s own breach
In King Crude Carriers SA & Ors v Ridgebury November LLC & Ors [2024] EWCA Civ 719 the Court of Appeal held that the claimant sellers (the Sellers) were entitled to claim the deposits promised under sale contracts as a debt despite the defendant buyers’ (the Buyers) breach of contract, which had resulted in the non-fulfilment of a condition precedent to the payment of the deposits.
Publication
Can a charterer procure the release of a laden vessel arrested by a mortgagee bank?
As previously observed, conflicts occasionally arise between mortgagees and charterers where a mortgagee wishes to take prompt action to enforce its rights, but the charterer wishes such enforcement action to be deferred until the end of the charter.
Publication
ECJ confirms public tenders’ restrictions for companies from third countries with no procurement agreement with the EU
EU Member States may allow companies from countries that have not concluded an agreement guaranteeing equal and reciprocal access to public procurement (public procurement agreement) with the EU to participate in public tenders, provided there is no EU act excluding the relevant country.
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