Now is a good time to learn about this new legislation, says Andrew Taylor
The Corporate Insolvency and Governance Bill will be the biggest reform of the UK’s restructuring and insolvency framework in more than 15 years. For the hospitality sector, it is welcome news, giving bars and restaurants some options to help them to survive a period of unprecedented economic hardship. So, what are the changes and which businesses are eligible?
How to obtain a moratorium
A moratorium is a temporary suspension of an activity, in this case, the repayment of debts. For hospitality companies that are struggling financially, a 20 business-day moratorium will give them the chance to restructure or seek new investment without creditors taking…
