Tuesday, September 14, 2021
The UK governmenthas announcedthat temporary restrictions on creditor action introduced in the Corporate Insolvency and Governance Act 2020 are to be phased out. These temporary restrictions were put in place to protect businesses in financial distress, as a result of the coronavirus (COVID-19) pandemic, from being forced into insolvency.
The current restrictions on the service of statutory demands and presentation of winding-up petitions by a companys creditors are to be lifted on 1 October 2021, save that, until 31 March 2022, certain restrictions imposed on commercial landlords will apply. Additionally, certain new temporary restrictions on the presentation of winding-up petitions are to be introduced.1