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The Corporate Insolvency and Governance Act 2020 aims to give companies experiencing financial difficulties as a result of the Coronavirus outbreak extra assistance to increase their chances of survival. A number of measures delay the normal insolvency timetable and prohibit claims by creditors.

The Act is limited to only those urgent measures required to respond to the COVID-19 emergency. It will, until 30 September 2021:

It will also prevent suppliers from ceasing their supply or asking for additional payments while a company is going through a rescue process.

Territorial scope

From 1 October 2021 until 31 March 2022, targeted measures are to be introduced to support smaller companies.  See: Temporary insolvency measures ending

Useful guides

Ceasing trading Index: What are your options?
Subscriber guide to closing down your company.

Ceasing trading index: Freeview
An index to our key guides covering how a company can cease trading what options are available when a trade has ceased.

COVID-19: Government Support Tracker
This FREEVIEW tracker covers the key measures announced by the government to support individuals and businesses, as we get through COVID-19. This tracker is updated on a daily basis.

External link

Corporate Insolvency and Governance Act 2020