Is the UK moving more towards a debtor friendly restructuring regime?

UK Corporate Insolvency and Governance Act 2020 – assessing the potential impact of moving to a more debtor-friendly restructuring regime, temporary measures as a result of Covid-19, and a comparison with Denmark

Join us alongside fellow member company UHY Hacker Young for a webinar discussing the new Corporate Insolvency and Governance Act and the attempt to move to a more permanent debtor led restructuring regime in the UK, as well as temporary measures to protect companies in difficulty as a result of the pandemic. We will also briefly compare this with the current system in Denmark, and consider potential future cross-border implications following the UK’s exit from the EU.

We will cover:

• An introduction to the Corporate Insolvency and Governance Act (CIGA) – why the UK is moving more towards a debtor friendly restructuring regime

• The impact of Covid-19 – temporary measures that have been put in place and the potential effect on the economy when they come to an end in September

• Restructuring plans, plans for survival, termination clauses, effects of Brexit and much more.

• Restrictions on statutory demands and winding up petitions

• The new moratorium to allow companies to develop a plan for survival

• The use of the Restructuring plan

• Restrictions on termination clauses

• Suspension of liability for wrongful trading

• The potential effects of Brexit

SPEAKERS:

Brian Johnson: Brian has been practicing in the area of business turnaround, reconstruction and insolvency for over 36 years. Whilst his earlier career has included work on large corporate assignments, the latter half of his career has focused on assisting SME companies and individuals facing business problems and financial pressures.

Brian is licenced as an insolvency practitioner by the IPA and is a fellow of the Insolvency Practitioners Association and R3: Association of Business Recovery Professionals. He is also a member of the Turnaround Management Association.

Myles Jacobson: Myles is a partner Hacker Young’s London turnaround and recovery team since 2018, having held roles in a number of other leading accountancy practices.  Having spent more than 20 years in practice, his experience encompasses all aspects of corporate recovery, personal insolvency and business advisory work.

Myles has advised businesses across a range of sectors but has particular specialism within the retail, service, construction and motor industries.  His expertise is backed by his numerous roles within his trade body and recognised professional body, including being a fellow of R3 (the Association of Business Recovery Professionals) and a fellow of the Insolvency Practitioners Association (“IPA”).  He sits on R3’s Smaller Practices Group and London & South East Region Committees and the IPA’s Member Services Committee.  Myles also co-hosts the North London Insolvency CPE Group seminars which provide training for insolvency professionals.

Alison Goldthrop: Alison has more than 30 years of experience in advising insolvency practitioners, financial institutions, directors, corporates and turnaround professionals on restructurings, formal insolvency appointments, managed exits, and all related aspects of underperforming or distressed corporates.

She advises across all sectors on contentious and non contentious matters and also has experience of resolving disputes by mediation. Her recent experience includes advising the administrators of HMV on the strategy and sale of retail stores and the disputes relating to stock in the stores.  At the same time, she was advising a number of counterparties to contracts with Carillion and Interserve (including boards of directors, investors, lenders and an NHS Trust).

Alison was noted by Chambers UK 2019 for her “technical and approachable” manner.