What is Corporate Insolvency?

A company is insolvent if it is unable to pay its debts as they fall due (cash-flow insolvency),  or has liabilities which exceed its assets (balance–sheet insolvency).

The Corporate Insolvency and Governance Bill 2020

These are challenging times for businesses and directors. Amidst the Coronavirus pandemic, there are immense financial pressures on many companies across widespread areas of the economy.

Consequently, the UK Government has announced some of the most significant changes to UK insolvency law in many years. These changes will mitigate some of the enormous economic damage caused by the pandemic and allow many businesses who have been affected by COVID-19 to trade on through these unprecedented times.

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