The UK Government yesterday announced that it will proceed with
the phasing out of temporary measures introduced to protect
businesses from creditor action during the COVID-19 pandemic,
whilst also announcing new measures to protect smaller businesses
from winding up petitions. The legislation required to
implement these amendments was laid before Parliament yesterday and
will come into force on 29 September 2021.
The new measures will be in place from 1 October 2021 until 31
March 2022, and have the practical effect that a creditor will only
be able to present a winding up petition against a debtor
where:
- the debtor owes the creditor(s) at least £10,000;
- the creditor has issued written notice of the debt to the
debtor, and sought payment proposals for the outstanding debt;
and
