Howard Morris spoke to Global Restructuring Review about the UK's new Corporate Insolvency and Governance (CIG) Act 2020, which received Royal Assent on June 25, 2020.
Howard said he was "pleased" with the bill, but noted the absence of any provisions on debtor-in-possession funding.
Howard also noted that the UK had taken some big steps in the direction of Chapter 11 - and in the world's general direction of travel for restructuring legislation. However, he added that in comparison with the Chapter 11 process, the new restructuring plan included in the Act leaves courts "without all the infrastructure and plumbing of protections and safeguards before depriving dissenters from contractually bargained-for rights."
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