The Government has introduced further extensions to protect Companies which echo extensions given to individuals. It is introduced by the forming of the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 which extend the following: –
So, some good news for Companies who are struggling to pay their Creditors in these uncertain times. We would advise that if you have a debt(s) that are due and you are struggling to pay, in the first instance talk to the Creditor and see if a payment arrangement can be agreed.
For Creditors who have been unable to use the Insolvency procedure you can still issue a county court claim against the company that owes you money. Should you need any assistance in relation to this please do contact us.
The Debt Collection Centre is a specialist debt recovery service offered by city law firm Devonshires offering a one-stop-shop for businesses or individuals suffering from late payments.