Corporate Insolvency and Governance Act 2020
2020 c. 12 · Enacted 25 June 2020 · Extends to United Kingdom
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.
[25th June 2020]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Contents
- Moratorium
- 1Moratoriums in Great Britain
- 2Moratoriums in Great Britain: further amendments and transition
- 3Moratoriums in Great Britain: temporary modifications
- 4Moratoriums in Northern Ireland
- 5Moratoriums in Northern Ireland: further amendments and transition
- 6Moratoriums in Northern Ireland: temporary modifications
- Arrangements and reconstructions for companies in financial difficulty
- 7Arrangements and reconstructions for companies in financial difficulty
- Administration: sales to connected persons
- 8Administration in Great Britain: sales to connected persons
- 9Administration in Northern Ireland: sales to connected persons
- Winding-up petitions
- 10Winding-up petitions: Great Britain
- 11Winding-up petitions: Northern Ireland
- Wrongful trading
- 12Suspension of liability for wrongful trading: Great Britain
- 13Suspension of liability for wrongful trading: Northern Ireland
- Termination clauses in supply contracts
- 14Protection of supplies of goods and services: Great Britain
- 15Temporary exclusion for small suppliers: Great Britain
- 16Protection of supplies of electricity, gas, water, etc: Northern Ireland
- 17Further protection of essential supplies: Northern Ireland
- 18Protection of supplies of goods and services: Northern Ireland
- 19Temporary exclusion for small suppliers: Northern Ireland
- Power to amend corporate insolvency or governance legislation: Great Britain
- 20Regulations to amend legislation: Great Britain
- 21Purposes
- 22Restrictions
- 23Time-limited effect
- 24Expiry
- 25Consequential provision etc
- 26Procedure for regulations
- 27Interpretation
- Power to amend corporate insolvency or governance legislation: Northern Ireland
- 28Regulations to amend legislation: Northern Ireland
- 29Purposes
- 30Restrictions
- 31Time-limited effect
- 32Expiry
- 33Consequential provision etc
- 34Procedure for regulations made by the Department
- 35Procedure for regulations made by the Secretary of State
- 36Interpretation
- Meetings and filings
- 37Meetings of companies and other bodies
- 38Temporary extension of period for public company to file accounts
- 39Temporary power to extend periods for providing information to registrar
- 40Section 39: the listed provisions
- Powers to change periods
- 41Power to change duration of temporary provisions: Great Britain
- 42Power to change duration of temporary provisions: Northern Ireland
- Implementation of insolvency measures
- 43Modified procedure for regulations of the Secretary of State
- 44Modified procedure for regulations of the Welsh Ministers
- 45Modified procedure for regulations of the Scottish Ministers
- 46Modified procedure for regulations of Northern Ireland departments
- General
- 47Power to make consequential provision
- 48Extent
- 49Commencement
- 50Short title
- Schedule 1: Moratoriums in Great Britain: eligible companies
- Paragraph
- Schedule 2: Moratoriums in Great Britain: contracts involving financial services
- Paragraph
- Schedule 3: Moratoriums in Great Britain: further amendments
- Insolvency Act 1986
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- Building Societies Act 1986
- 34Paragraph 34
- The Financial Markets and Insolvency (Settlement Finality) Regulations 1999
- 35Paragraph 35
- Limited Liability Partnerships Act 2000
- 36Paragraph 36
- 37Paragraph 37
- The Limited Liability Partnerships Regulations 2001
- 38Paragraph 38
- The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
- 39Paragraph 39
- The Financial Collateral Arrangements (No.2) Regulations 2003
- 40Paragraph 40
- The Insolvency Practitioners Regulations 2005
- 41Paragraph 41
- Banking Act 2009
- 42Paragraph 42
- Charities Act 2011
- 43Paragraph 43
- 44Paragraph 44
- 45Paragraph 45
- The Investment Bank Special Administration Regulations 2011
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- The Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012
- 49Paragraph 49
- Co-operative and Community Benefit Societies Act 2014
- 50Paragraph 50
- 51Paragraph 51
- 52Paragraph 52
- 53Paragraph 53
- The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 (S.I. 2014/229)
- 54Paragraph 54 Repealed
- The International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015
- 55Paragraph 55
- Schedule 4: Moratoriums in Great Britain: temporary provision
- Part 1: “Relevant period” and powers to turn off temporary provision
- “Relevant period”
- 1Paragraph 1
- Power to turn off particular provisions of Part 2 of this Schedule early
- 2Paragraph 2
- Power to turn off provisions of Parts 3 and 4 of this Schedule early etc
- 3Paragraph 3
- 4Paragraph 4
- Part 2: Modifications to primary legislation
- “Eligible” company: additional exclusion
- 5Paragraph 5
- Relaxation of conditions for obtaining moratorium etc
- 6Paragraph 6
- 7Paragraph 7
- Relaxation of conditions for extending moratorium obtained during relevant period
- 8Paragraph 8
- Monitoring of moratorium obtained during relevant period
- 9Paragraph 9
- Termination of moratorium obtained during relevant period
- 10Paragraph 10
- “Coronavirus”
- 11Paragraph 11
- Part 3: Temporary rules: England and Wales
- Introductory
- 12Paragraph 12
- Definition of “the court”
- 13Paragraph 13
- Content of documents relating to the obtaining or extending of a moratorium: general
- 14Paragraph 14
- Authentication of documents relating to obtaining or extending moratorium: general
- 15Paragraph 15
- Notice that directors wish to obtain a moratorium
- 16Paragraph 16
- Proposed monitor's statement and consent to act
- 17Paragraph 17
- Timing of statements for obtaining moratorium
- 18Paragraph 18
- Notice by monitor where moratorium comes into force
- 19Paragraph 19
- Notice that directors wish to extend a moratorium
- 20Paragraph 20
- Extension under section A10 or A11 of the Insolvency Act 1986: notices and statements
- 21Paragraph 21
- Timing of statements for extension under section A10 or A11
- 22Paragraph 22
- Obtaining creditor consent: qualifying decision procedure
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- Content of application to the court for extension of moratorium
- 29Paragraph 29
- Timing of statements accompanying application to court for extension of moratorium
- 30Paragraph 30
- Notices about change in end of moratorium
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- Notification by directors of insolvency proceedings etc
- 35Paragraph 35
- Notice of termination of moratorium
- 36Paragraph 36
- Termination of moratorium under section A38(1)(d) of the Insolvency Act 1986
- 37Paragraph 37
- Replacement of monitor or additional monitor: statement and consent to act
- 38Paragraph 38
- Replacement of monitor or additional monitor: notification
- 39Paragraph 39
- Challenge to monitor's remuneration
- 40Paragraph 40
- Challenge to directors' actions: qualifying decision procedure
- 41Paragraph 41
- Priority of moratorium debts etc in subsequent winding up
- 42Paragraph 42
- Priority of moratorium debts etc in subsequent administration
- 43Paragraph 43
- Prescribed format of documents
- 44Paragraph 44
- 45Paragraph 45
- Delivery of documents
- 46Paragraph 46
- Applications to court
- 47Paragraph 47
- Identification details for a company
- 48Paragraph 48
- Contact details of a monitor or other office-holder
- 49Paragraph 49
- “The England and Wales Insolvency Rules”
- 50Paragraph 50
- Interpretation: general
- 51Paragraph 51
- Part 4: Temporary rules: Scotland
- Introductory
- 52Paragraph 52
- Definition of “the court”
- 53Paragraph 53
- Content of documents relating to the obtaining or extending of a moratorium: general
- 54Paragraph 54
- Authentication of documents relating to obtaining or extending moratorium: general
- 55Paragraph 55
- Notice that directors wish to obtain a moratorium
- 56Paragraph 56
- Proposed monitor's statement and consent to act
- 57Paragraph 57
- Timing of statements for obtaining moratorium
- 58Paragraph 58
- Notice by monitor where moratorium comes into force
- 59Paragraph 59
- Notice that directors wish to extend a moratorium
- 60Paragraph 60
- Extension under section A10 or A11 of the Insolvency Act 1986: notices and statements
- 61Paragraph 61
- Timing of statements for extension under section A10 or A11
- 62Paragraph 62
- Obtaining creditor consent: qualifying decision procedure
- 63Paragraph 63
- 64Paragraph 64
- 65Paragraph 65
- 66Paragraph 66
- 67Paragraph 67
- 68Paragraph 68
- Content of application to the court for extension of moratorium
- 69Paragraph 69
- Timing of statements accompanying application to court for extension of moratorium
- 70Paragraph 70
- Notices about change in end of moratorium
- 71Paragraph 71
- 72Paragraph 72
- 73Paragraph 73
- 74Paragraph 74
- Notification by directors of insolvency proceedings etc
- 75Paragraph 75
- Notice of termination of moratorium
- 76Paragraph 76
- Termination of moratorium under section A38(1)(d) of the Insolvency Act 1986
- 77Paragraph 77
- Replacement of monitor or additional monitor: statement and consent to act
- 78Paragraph 78
- Replacement of monitor or additional monitor: notification
- 79Paragraph 79
- Challenge to monitor's remuneration
- 80Paragraph 80
- Challenge to directors' actions: qualifying decision procedure
- 81Paragraph 81
- Priority of moratorium debts etc in subsequent winding up
- 82Paragraph 82
- Priority of moratorium debts etc in subsequent administration
- 83Paragraph 83
- Prescribed format of documents
- 84Paragraph 84
- 85Paragraph 85
- Delivery of documents
- 86Paragraph 86
- Identification details for a company
- 87Paragraph 87
- Contact details of a monitor or other office-holder
- 88Paragraph 88
- “The Scottish Insolvency Rules”
- 89Paragraph 89
- Interpretation: general
- 90Paragraph 90
- Part 5: Entities other than companies
- 91Paragraph 91
- 92Paragraph 92
- Schedule 5: Moratoriums in Northern Ireland: eligible companies
- Paragraph
- Schedule 6: Moratoriums in Northern Ireland: contracts involving financial services
- Paragraph
- Schedule 7: Moratoriums in Northern Ireland: further amendments
- The Insolvency (Northern Ireland) Order 1989
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28 Not yet in force
- 29Paragraph 29
- Building Societies Act 1986
- 30Paragraph 30
- Limited Liability Partnerships Act 2000
- 31Paragraph 31
- The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
- 32Paragraph 32
- The Insolvency Practitioners Regulations (Northern Ireland) 2006
- 33Paragraph 33
- Insolvency (Northern Ireland) Order 2002 (S.I. 2002/3152 (N.I. 6))
- 34Paragraph 34
- Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10))
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- Insolvency (Amendment) Act (Northern Ireland) 2016
- 39Paragraph 39
- Schedule 8: Moratoriums in Northern Ireland: temporary provision
- Part 1: “Relevant period” and powers to turn off temporary provision
- “Relevant period”
- 1Paragraph 1
- Power to turn off particular provisions of Part 2 of this Schedule early
- 2Paragraph 2
- Power to turn off provisions of Part 3 of this Schedule early etc
- 3Paragraph 3
- 4Paragraph 4
- Part 2: Modifications to primary legislation
- “Eligible” company: additional exclusion
- 5Paragraph 5
- Relaxation of conditions for obtaining moratorium etc
- 6Paragraph 6
- 7Paragraph 7
- Relaxation of conditions for extending moratorium obtained during relevant period
- 8Paragraph 8
- Monitoring of moratorium obtained during relevant period
- 9Paragraph 9
- Termination of moratorium obtained during relevant period
- 10Paragraph 10
- “Coronavirus”
- 11Paragraph 11
- Part 3: Temporary rules
- Introductory
- 12Paragraph 12
- Content of documents relating to the obtaining or extending of a moratorium: general
- 13Paragraph 13
- Authentication of documents relating to obtaining or extending moratorium: general
- 14Paragraph 14
- Notice that directors wish to obtain a moratorium
- 15Paragraph 15
- Proposed monitor's statement and consent to act
- 16Paragraph 16
- Timing of statements for obtaining moratorium
- 17Paragraph 17
- Notice by monitor where moratorium comes into force
- 18Paragraph 18
- Notice that directors wish to extend a moratorium
- 19Paragraph 19
- Extension under Article 13CA or 13CB of the Insolvency (Northern Ireland) Order 1989: notices and statements
- 20Paragraph 20
- Timing of statements for extension under Article 13CA or 13CB
- 21Paragraph 21
- Obtaining creditor consent at meeting
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- Content of application to the High Court for extension of moratorium
- 31Paragraph 31
- Timing of statements accompanying application to High Court for extension of moratorium
- 32Paragraph 32
- Notices about change in end of moratorium
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- Notification by directors of insolvency proceedings etc
- 37Paragraph 37
- Notice of termination of moratorium
- 38Paragraph 38
- Termination of moratorium under Article 13ED(1)(d) of the Insolvency (Northern Ireland) Order 1989
- 39Paragraph 39
- Replacement of monitor or additional monitor: statement and consent to act
- 40Paragraph 40
- Replacement of monitor or additional monitor: notification
- 41Paragraph 41 Not yet in force
- Challenge to monitor's remuneration
- 42Paragraph 42
- Challenge to directors' actions: meeting
- 43Paragraph 43
- Priority of moratorium debts etc in subsequent winding up
- 44Paragraph 44
- Priority of moratorium debts etc in subsequent administration
- 45Paragraph 45
- Prescribed format of documents
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- Authentication of applications, notices and statements
- 49Paragraph 49 Not yet in force
- Modifications to the Insolvency Rules
- 50Paragraph 50
- Identification details for a company
- 51Paragraph 51
- Contact details of a monitor or other office-holder
- 52Paragraph 52
- “The Insolvency Rules”
- 53Paragraph 53
- Interpretation: general
- 54Paragraph 54
- Part 4: Entities other than companies
- 55Paragraph 55
- 56Paragraph 56
- Schedule 9: Arrangements and reconstructions for companies in financial difficulty
- Part 1: Main provisions
- 1Paragraph 1
- Part 2: Consequential amendments
- Finance Act 1986
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Insolvency Act 1986
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19))
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- Water Industry Act 1991
- 11Paragraph 11
- Taxation of Chargeable Gains Act 1992
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- Value Added Tax Act 1994
- 15Paragraph 15
- Housing Act 1996
- 16Paragraph 16
- Financial Services and Markets Act 2000
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- Limited Liability Partnerships Act 2000
- 21Paragraph 21
- Enterprise Act 2002
- 22Paragraph 22
- Income Tax (Earnings and Pensions) Act 2003
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- Energy Act 2004
- 27Paragraph 27
- Income Tax (Trading and Other Income) Act 2005
- 28Paragraph 28
- Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10))
- 29Paragraph 29
- Companies Act 2006
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- Housing and Regeneration Act 2008
- 40Paragraph 40
- Corporation Tax Act 2009
- 41Paragraph 41
- Corporation Tax Act 2010
- 42Paragraph 42
- 43Paragraph 43
- 44Paragraph 44
- Third Parties (Rights against Insurers) Act 2010
- 45Paragraph 45
- Housing (Scotland) Act 2010 (asp 17)
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- Financial Services (Banking Reform) Act 2013
- 49Paragraph 49
- Co-operative and Community Benefit Societies Act 2014
- 50Paragraph 50
- Mutuals' Deferred Shares Act 2015
- 51Paragraph 51
- Schedule 10: Restriction on Winding-Up Petitions: Great Britain
- Restriction on winding-up petitions
- 1Paragraph 1
- Modification of Insolvency Rules and Rules of Court
- 2Paragraph 2
- 3Paragraph 3
- Interpretation
- 4Paragraph 4
- General
- 5Paragraph 5
- Schedule 11: RESTRICTION ON WINDING-UP PETITIONS: NORTHERN IRELAND
- Restriction on winding-up petitions
- 1Paragraph 1
- Modification of Insolvency Rules
- 2Paragraph 2
- Interpretation
- 3Paragraph 3
- General
- 4Paragraph 4
- Schedule 12: Protection of supplies of goods and services: Great Britain
- Part 1: Exclusions
- 1Paragraph 1
- Part 2: Consequential amendments
- Amendments to Acts
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Amendments to subordinate legislation
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- Schedule 13: Protection of supplies of goods and services: Northern Ireland
- Part 1: Exclusions
- 1Paragraph 1
- Part 2: Consequential amendments
- Amendments to Acts
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Amendment to subordinate legislation
- 5Paragraph 5
- Schedule 14: Meetings of companies and other bodies
- Meaning of “qualifying body”
- 1Paragraph 1
- Meaning of “relevant period”
- 2Paragraph 2
- Meetings of qualifying bodies held during the relevant period
- 3Paragraph 3
- Meetings of qualifying bodies held during the relevant period: power to make further provision
- 4Paragraph 4
- Extension of period for qualifying body to hold annual general meeting
- 5Paragraph 5
- Power to extend period for qualifying body to hold annual general meeting
- 6Paragraph 6
- Regulations made by the Secretary of State or the Treasury
- 7Paragraph 7
- Regulations made by the Scottish Ministers
- 8Paragraph 8
- Regulations made by the Department for the Economy in Northern Ireland
- 9Paragraph 9
- Other interpretation
- 10Paragraph 10