On 28 March 2022 the government announced that the restrictions imposed in respect of winding up petitions, which were introduced in the Corporate Insolvency and Governance Act 2020, will not be extended beyond 31 March 2022.  This means the position reverts to as it was pre pandemic.  The debt threshold of £10,000 will no longer apply and a petition can be presented on the basis of the previous threshold of £750.  A creditor will be longer be required to serve a section 10 notice 21 days before presenting a petition.

 Restrictions do remain in place in respect of unpaid rent by commercial tenants under the new “protected rent” regime introduced in the Commercial Rent (Coronavirus Act) 2022 which came into effect on 25 March 2022.

 If you are thinking of presenting a winding up petition or that course of action is being threatened against your company then early advice is key.  Please contact Kathryn Maclennan on 01254 268790 kmaclennan@kbl.co.uk