126. The Corporate Insolvency and Governance Act 2020 (c. 12) is an act of the Parliament of the United Kingdom relating to companies and other entities in financial difficulty, and which makes temporary changes to laws relating to the governance and regulation of companies and other entities.. The main objective of the Act was to amend insolvency and company law in order to support companies through the coronavirus pandemic. The Act. Call on contributories (1) The liquidator may (a) make calls on all or any of the contributories for the time being settled on the list of contributories to the extent of the liability The Act is designed "to make provision about companies and other entities in financial difficulty; and to make temporary changes to the law relating to the governance and regulation of companies and other entities." The Corporate Insolvency and Governance Act 2020 addresses this loophole by introducing temporary provisions to void statutory demands made between 1 March and 30 September 2020. Against this background, Ghana’s Corporate Restructuring and Insolvency Act, 2020 (Act 1015) could not have been passed at a better time. Section 10 of the code provided the locus standi to initiate corporate insolvency resolution process (CIRP) in case of default but the new section 10A suspends section 7, 9 and 10 of the code and states that the corporate defaults which arise on or after 25 th March 2020, an application for CIRP cannot be filed by any … The overarching purpose of the Act is to protect as many businesses as possible from falling into administration or insolvency as a result of the disruptions and hardship caused by the pandemic. 1 OF 2020 [13th March, 2020.] The following Act of Parliament received the assent of the President on the 13th March, 020, and is hereby published for general information:— THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ACT, 2020. The Corporate Insolvency and Governance Act 2020 (“the Act”) came into force on 26 June 2020. Corporate Insolvency and Governance Act 2020 The Corporate Insolvency and Governance Act 2020 (the Act) entered into force on 26 June 2020. The Act has unanimously been hailed by the insolvency community as the most significant regulatory reform in the United Kingdom in the past 20 years. CORPORATE INSOLVENCY AND RESSTRUCTURING ACT, 2020 (ACT1015) SS 126-170. The Act was fast tracked through Parliament so that temporary measures could be … CORPORATE INSOLVENCY AND RESTRUCTURING ACT, 2020 (ACT1015) SS 126-171. 1. Statutory demands can still be served as this may trigger a … In the new ordinance 2020, Section 10A has been added to IBC 2016. The Corporate Insolvency and Governance Act 2020 [1] ("the Act") received Royal Assent on 25 June 2020. The Corporate Insolvency and Governance Act 2020 was introduced on 26 June 2020. An Act further to amend the Insolvency and Bankruptcy Code, 2016. The Act represents the most significant reforms to the insolvency framework in the United Kingdom since, at least, the widespread introduction of administration under the Enterprise Act in 2003. Purpose of this Act CORPORATE INSOLVENCY AND RESTRUCTURING ACT, 2020 (ACT1015) SS 1-125. AN ACT to provide for the administration and official winding-up of insolvent companies and other bodies corporate and for related matters. DATE OF PRESIDENTIAL ASSENT: DATE OF GAZETTE NOTIFICATION: 30 th April, 2020. On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (‘the Act’) completed its progress in the Parliament and received Royal Assent. NO.