Key Facts

• The Corporate Insolvency and Governance Bill aims to help businesses, jobs, and the country's economic future.
• UK businesses have faced significant challenges due to social distancing measures and reduced demand for goods and services.
• Amendments extend temporary provisions until September 30th.
• Government has extended the moratorium on lease forfeiture due to covid-19 debts until September 30th.
• Financial services super priority amendments exclude accelerated financial services debts from having super priority status.
• Amendments protect pension schemes as unsecured creditors of the company in a moratorium.
• Temporary insolvency provisions will now expire on September 30, with potential further extensions through regulation-making power.
• A commitment was made to review current pre-pack practices in summer before deciding on regulatory changes.
• The Bill aims to safeguard businesses and livelihoods during the crisis.
• Labour argues that it is a last resort measure and more support is needed now.
• Amendments provide extra safeguards for pension funds and worker voice.
• Concerns about mixing permanent reforms with temporary measures are raised.
• The Bill includes short and long-term issues.
• Concerns about the role of pensions regulators in insolvency beyond the current period are raised.
• Questions about HMRC's treatment of its obligations during insolvencies are posed.
• The Bill includes a short business rescue moratorium and new court-based restructuring tool.
• Reports suggest less than half of bounce-back loans will not be repaid.
• Hotel occupancy rates are below 10% with additional costs for cleaning procedures.
• Theatre companies risk running out of cash by the end of the year.
• The MP proposes £500 million investment from Scottish Government to support businesses.
• The CityUK estimates £100 billion of unsustainable lending in Q1 of 2021.
• Amendments extend the temporary provision to 30 September.
• Three theatres are located in the MP's constituency.
• The Bill applies to companies across all sectors provided they meet eligibility criteria.
• A regulation-making power exists in the Bill to adapt as financial markets change rapidly.
• Lord Callanan committed to conducting a review of permanent measures within three years, focusing on employees' impact.
• The Pension Schemes Bill will address tightening rules on pension scheme abuse and improve Pensions Regulator's powers.
• The hospitality sector is particularly hard hit by closure rules.
• The Government consulted with representatives from the hotel sector in London, including those involved in theatres and restaurants.
• A range of hospitality bodies and companies were consulted on safer workplaces guidance.