Winding Up Petitions: the Post-Covid Landscape
Simon Passfield and Govinder Chambay will begin Guildhall Chambers Insolvency Winter Webinar Series by analysing the winding up restrictions pre- and post- 1 October 2021, reviewing the relevant caselaw and exploring possible strategies for petitioning creditors and debtor companies in respect of extant and future petitions.
With effect from 27 April 2020, Schedule 10 to the Corporate Insolvency and Governance Act 2020 has supported companies during the pandemic by restricting the circumstances in which winding up petitions can be presented against them. In their original form, these restrictions included: (i) a prohibition on petitions based on statutory demands; (ii) the introduction of a “coronavirus test”; and (iii) a prohibition on the advertisement of petitions until a preliminary hearing.
On 9 September 2021, the Insolvency Service announced that, with effect from 1 October 2021, these restrictions would be removed and replaced with new measures aimed at “helping smaller companies get back on their feet” before creditors can take action. The new measures, which were introduced by the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 10) (No.2) Regulations 2021 include: (i) increasing the debt threshold to present a winding up petition to £10,000; and (ii) a requirement that creditors give debtor companies 21 days to make satisfactory proposals for repayment of their debts before presenting a winding up petition.
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