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The Corporate Insolvency and Governance Act 2020 introduced a number of measures to protect companies during the coronavirus pandemic.The government has just announced that the temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October 2021.
New legislation is to be introduced temporarily, until 31 March 2022,to raise the threshold debt for a winding up petition to £10,000 or more. Creditors will be required to seek proposals for payment from a debtor business giving them 21 days to respond before they can proceed with a winding up petition.
The existing restrictions will remain on commercial landlords from presenting wining up petitions against limited companies for commercial rent arrears built up during the pandemic. We are expecting details of the proposed rent arbitration scheme for commercial rents.
September 9, 2021
Hilary is a Solicitor and Partner in our Commercial Dispute Resolution team.