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- COVID-19: Changes to UK Insolvency Law to Support Affected Businesses
COVID-19: Changes to UK Insolvency Law to Support Affected Businesses
April 3, 2020, Covington Alert
On 28 March, 2020, the UK Government announced that it intends to amend insolvency law to give companies breathing space and allow them to keep trading while they explore options for rescue. The changes include (a) a temporary suspension of wrongful trading by directors of UK companies for three months commencing on 1 March, 2020 and (b) the introduction of a moratorium for companies in financial difficulty preventing creditors enforcing debts for a period of time. Full details of the proposed changes are yet to be published.
May 29, 2020, Covington Alert
The UK Government has released the full details of its Future Fund scheme, including the application process, together with the template convertible loan agreement. The Future Fund, the headline terms of which were announced on 20 April 2020 (see our Alert of 22 April), launched on 20 May 2020 and will initially be open until the end of September 2020. The ...
April 22, 2020, Covington Alert
On 20 April 2020, the UK Government announced the new Future Fund scheme under which the Government will offer funding to innovative UK registered companies facing financial difficulties due to the COVID-19 outbreak.
April 3, 2020, Covington Alert
At a time when many companies have been forced to close their offices and have almost all of their employees working remotely, the standard procedures for the execution of documents and addressing signing and closing matters have come under pressure. Below are some practical issues that can arise in the signing and closing of deals which are subject to English ...