The Corporate Insolvency and Governance Act 2020 introduced various restrictions on Creditors bringing Winding Up Petitions against Companies during the Covid-19 pandemic.
The Government has now announced that the current restrictions which ended on 31 March 2022 will not be further extended and that the pre-pandemic rules will apply.
A new arbitration process has been introduced and new rules to prevent creditors from bringing court action against commercial tenants for commercial rent arrears that accrued during the COVID-19 pandemic. This has been introduced by the Commercial Rent (Coronavirus) Act 2022, which came into force on 25 March 2022.
For further information or if you require assistance in respect of commercial rent arrears do please let us know.
Devonshires are a full service law firm. Our Debt Recovery team is ranked within tier one of the legal 500, as recommended specialists within Debt Recovery. We have clients that range from individuals and businesses that are in sectors from recruitment, food supply, accountants and property management.
Please do contact us if you need any assistance on using a winding up petition against a Company or any general advice on other aspects of Debt Recovery.