We use cookies for monitoring visitor numbers only and we do not store any personal details. Learn more...

Member helpline 01738 448325

UK Government Extends Temporary Insolvency Measures - Perthshire Chamber of Commerce

UK Government Extends Temporary Insolvency Measures

placeholder.jpg

Insolvency measures supporting businesses during the pandemic and helping them recover, are set to be extended till the end of June 2021.

The measures were introduced in the Corporate Insolvency and Governance Act in March 2020, including protecting businesses from aggressive creditor enforcement and removing personal liability on company directors, and have been previously extended on a number of occasions.

The measures being extended till the end of June 2021:

  • Statutory demands and winding-up petitions will continue to be restricted to protect companies from creditor enforcement action due to debts related to coronavirus (COVID-19).
  • Small suppliers will not have to continue to supply a business in insolvency. However, larger suppliers will not be able to cease their supply or ask for additional payments while a company is going through a rescue process.
  • Entry into a moratorium will remain relaxed and a company will be able to enter a moratorium if they have been subject to an insolvency procedure in the previous 12 months. These measures will be extended until 30 September 2021

*The temporary measures apply to England, Wales & Scotland. Insolvency in Northern Ireland is devolved and NI Ministers are considering a corresponding extension of their legislation.

Find out more on the Government Website

© 2021 Perthshire Chamber of Commerce | Registered in Scotland 21856 | VAT No: 270 6586 43 | Website by Broxden