Temporary measures brought in by the Corporate Insolvency and Governance Act 2020 to support businesses from insolvency during the pandemic will be phased out from 1 October.
New measures will be brought in to help smaller companies get back on their feet to give them more time to trade their way back to financial health before creditors can take action to wind them up. The new legislation will:
- Protect businesses from creditors insisting on repayment of relatively small debts by temporarily raising the current debt threshold for a winding up petition to £10,000 or more.
- Require creditors to seek proposals for payment from a debtor business, giving them 21 days for a response before they can proceed with winding up action.
These measures will be in force until 31 March 2022.
Suffering a dispute can have serious implications on you and your livelihood and reputation. Our dispute resolution solicitors will quickly and efficiently put your case together and act on your behalf. Call Vijay Srivastava or Shalish Mehta in our civil and commercial litigation department on 0161 624 6811(Option 6) or email email@example.com or firstname.lastname@example.org. We can advise you on the appropriate course of action and assist with any legal documents or proceedings that may occur.
Latest posts by Shalish Mehta (see all)
- BT to axe up to 55000 jobs by 2030 as it pushes into AI - 31st May 2023
- What is the Renters’ Reform Bill? - 22nd May 2023
- Motivational speaker loses battle for insurance to pay neighbours £530,000 over boundary dispute - 12th May 2023
- More than 900 people affected by Grenfell Tower fire settle claims - 19th April 2023
- Former Premier League player, Sylvan Ebanks-Blake, sues surgeon for ‘millions’ over ending his career - 20th March 2023