ACVO Blog: Corporate Insolvency and Governance Bill

Corporate Insolvency and Governance Bill

The UK government has introduced the Corporate Insolvency and Governance Bill, which intends to support businesses and economic recovery. This will be progressing through Westminster in due course.

The Bill proposes to;

  • 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
  • amend Company Law and other legislation to provide companies and other bodies with temporary easements on company filing and annual general meetings

Find out what is in the Bill.

Many of the measures in the Bill will need secondary legislation before they come into force. Nothing will change until that legislation is introduced.

Read explanations of each of the measures in these factsheets from the Department for Business, Energy and Industrial Strategy (BEIS).

If you would like to discuss the implications of the proposals for your Third Sector company, contact ACVO Development Officer Sandy Mathers, initially on sandy.mathers@acvo.org.uk