City Research Online

Abstract

This article analyses CIGA 2020 reforms to the UK insolvency and debt restructuring regimes, particularly, the new part 26A restructuring plan, the creditor cross-class cramdown and the new standalone moratorium and their impact on the UK insolvency and debt restructuring landscape. The article contends that these permanent changes were not needed immediately, in the aftermath of Brexit and COVID19 experiences. Rather, temporary time-limited changes would have been ideal, followed by an impact assessment that would inform desired course of reforms, rather than fast-tracked reforms that may have been driven by political and regulatory competition. The article further argues that these CIGA 2020 reforms could instigate a policy shift, from a pro-creditor to a pro-debtor restructuring regime, that questions the UK’s overall policy objective moving forward.

Publication Type:	Article
Additional Information:	This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access page (https://us.sagepub.com/en-us/nam/open-access-at-sage). © The Author(s) 2025.
Publisher Keywords:	CIGA 2020, U.K. debt restructuring, political and regulatory competition, corporate insolvency law
Subjects:	K Law > K Law (General) K Law > KD England and Wales
Departments:	The City Law School The City Law School > Academic Programmes
SWORD Depositor:	Symplectic Administrator

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