Corporate Insolvency and Governance Act 2020 (UK) and Contract Clauses (COVID-19)

The temporary measures introduced by the Government in June intended to assist firms facing insolvency have now been extended to December 2020.

The temporary measures introduced by the Government in June intended to assist firms facing insolvency have now been extended to December 2020.

The measures include a relaxation of rules relating to those in financial difficulties in an attempt to give them time to recover.

A link to the legislation is available here.

Further information from the Government may be viewed here.

Members should also be aware, however, that termination clauses triggered by insolvency cease to have effect. Any Member seeking to invoke such a clause should be aware that there is a temporary extension for "small entities" which has been extended to March 2021.

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Contracts COVID-19