Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October.
Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020.
This was to ensure that viable businesses affected by the restrictions on trading during the lockdown periods were not forced into insolvency unnecessarily. As the economy returns to normal trading conditions, the restrictions on creditor actions will be lifted.
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 …
Read the full article at: https://www.miragenews.com/end-of-temporary-insolvency-measures-629014/
