Temporary insolvency measures are ending

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This means that creditors owed £750 or more by a company can, from 1 April 2022, petition for that company to be wound up and the Government are advising business leaders to seek professional insolvency advice to protect their business.

Credit Hire Reform Shelved

As expected, the Government today announced that its temporary insolvency measures, including restrictions on presentation of winding up petitions, are ending.

This means that creditors owed £750 or more by a company can, from 1 April 2022, petition for that company to be wound up and the Government are advising business leaders to seek professional insolvency advice to protect their business.

There is one exception in respect of protected rent caught by the Commercial Rent (Coronavirus) Act 2022; a landlord cannot seek to wind a tenant up in respect of rent that is a protected rent debt. For further advice and options regarding rent caught by the Act, contact Graeme Dixon.

If you need to chase a debt, contact Joanne Gardner-Boyes.

If you are a debtor needing legal advice, contact Richard Palmer.