| Act of Parliament | |
 | |
| Long title | An Act to make provision about companies and other entities in financial difficulty; and to make temporary changes to the law relating to the governance and regulation of companies and other entities. |
|---|---|
| Citation | 2020 c. 12 |
| Introduced by | Alok Sharma, Secretary of State for Business, Energy and Industrial Strategy (Commons) Lord Callanan (Lords) |
| Territorial extent | United Kingdom (certain provisions have restricted territorial extent England and Wales, Scotland or Northern Ireland respectively) |
| Dates | |
| Royal assent | 25 June 2020 |
| Commencement | 26 June 2020 |
| Other legislation | |
| Amends | Insolvency Act 1986 Companies Act 2006 |
Status: Current legislation | |
| History of passage through Parliament | |
| Records of Parliamentary debate relating to the statute from Hansard | |
| Text of statute as originally enacted | |
| Revised text of statute as amended | |
The Corporate Insolvency and Governance Act 2020 (c. 12) is an act of the Parliament of the United Kingdom relating to companies and other entities in financial difficulty, and which makes temporary changes to laws relating to the governance and regulation of companies and other entities.[1]
The bill was introduced as part of the government response to the COVID-19 pandemic in the United Kingdom and the primary intentions of the bill were to:[2]
- introduce new corporate restructuring tools to the insolvency and restructuring regime to give companies the breathing space and tools required to maximise their chance of survival
- temporarily suspend parts of insolvency law to support directors to continue trading through the emergency without the threat of personal liability for wrongful trading and to protect companies from creditor action, and
- amend Company Law and other legislation to provide companies and other bodies with temporary easements on company filing and annual general meetings
The act commenced on 26 June 2020. It was amended by Statutory Instrument on 29 September 2020, to further extend certain time periods.
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