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Monday, December 21, 2020
The United Kingdom’s Corporate Insolvency and Governance Act 2020 (CIGA) shifted the focus of the United Kingdom’s insolvency regime from administration and liquidation to rescue and recovery and introduced a number of interesting new features that apply to companies experiencing financial difficulties. This article considers how certain of these features fit into the insolvency regime of the Cape Town Convention.1
Of primary interest, CIGA permits a company experiencing financial difficulties to propose an arrangement or compromise with its creditors (a Restructuring Plan)2. This is a court-sanctioned scheme that could result in revised debt terms being imposed on each class of creditors, including any dissenting class, if the applicable requirements are satisfied (the so-called “cross-class cram-down”).3 ....

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