To help protect companies affected by the lockdown restrictions during the pandemic, the Corporate Insolvency and Governance Act 2020 introduced various temporary measures.
Most of these measures expired at the end of June and September 2021, except for restrictions on winding up petitions which were extended until 31 March 2022.
The measures that were in place included:
- The requirement to serve a Schedule 10 notice on a debtor 21 days before presenting a winding up petition
- An increase in the minimum petition amount to £10,000 and
- Protections for commercial tenants preventing the presentation of a winding-up petition in respect of rent or any payment due by a tenant under a lease where the debt is unpaid due to a financial effect of coronavirus.
These have now expired which means that since 1 April 2022, the regime has returned to its pre pandemic operation.
Categorised in: Blog, Commercial Property, Covid-19, Dispute Resolution
Tags: Commercial Property, Coronavirus, Dispute Resolution, Landlord and Tenant