The Corporate Insolvency and Governance Bill: Restructuring and Insolvency Aspects

The Corporate Insolvency and Governance Bill (the “Bill”) is finally out (all 238 pages of it) and had its second reading in Parliament on 3 June. The expectation is that it will come into force by the end of June/early July. As such, we needs to ask ourselves: what does it all mean?

We consider below, at very high level, the key aspects of the current insolvency regime that the Bill seeks to modify. Ultimately, although not entirely in line with certain recent press releases from the Government following the pandemic lockdown, the Bill’s main aim seems to be to provide companies with additional tools and breathing space to see them through their current financial difficulties.