End of temporary insolvency measures
- AuthorMichelle Cox
The government has announced the end of the restrictions on the temporary insolvency measures introduced last year. However, they still contain caveats as to the value of the debt and procedure – the debt threshold for a winding up petition will rise to £10,000 and creditors will be required to seek proposals for payment from a debtor, providing 21 days for a response before action to proceed with a winding up petition can go ahead.
In addition, the revised measures do not relate to Landlord and Tenant debt - this protection remains until March 2022 whilst the government implements a rent arbitration scheme to deal with commercial rent debts accrued during the pandemic.
If you need further advice as to what has changed and what action is available for commercial debts, please contact: