End of temporary insolvency measures

The Insolvency Service have published the following information on temporary insolvency restrictions protections which are being lifted and new targeted measures to support small business and commercial tenants introduced.

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.

Click here for the full press release.