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The Corporate Insolvency and Governance Act 2020 has been described as the most significant piece of insolvency legislation since the seminal Insolvency Act 1986.
This, the first book to be published specifically on the Act, guides the reader through all the provisions and analyses each one from a practical point of view. It will be required reading for anyone who practices in this area as a lawyer or insolvency professional. Each of the major sections of the Act is considered in a separate chapter and the salient points explained with particular emphasis on the practical consequences. With no case law to interpret the Act as yet, it is important that all professionals look at the background and rationale of the Act to see how it could affect professional advice and it will be a very useful guide for all commercial lawyers, as well as insolvency practitioners themselves. A number of the changes also affect litigation practice in the commercial disputes arena. Undoubtedly the demand will increase for proactive and commercial legal and professional advice when financial difficulties are faced.
Against the background of the current economic challenges, this legislation was enacted very swiftly and a number of the reforms are, of course, a direct response to the Covid -19 pandemic. The Act seeks to respond to the present problems with a series of temporary remedies, but it also goes further than that and develops insolvency and restructuring practice on a permanent basis at many levels. Two new permanent “rescue” regimes are created and so all who practice in this area will need to be fully aware of the circumstances in which they may be relevant in order to best advise their clients.
Written by Stephen Allinson, a very experienced lawyer, lecturer and Licensed Insolvency Practitioner and currently the Chairman of the Board of the Insolvency Service, this book will be a very welcome addition to resources in this ever developing sector.