The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 10) Regulations 2021 were made earlier this month and come into force on 29 September: see here or here (pdf). The accompanying explanatory memorandum - available here (pdf) - explains the purpose of the Regulations as follows (para. 7.1):
The CIG Act included temporary measures restricting the use of statutory demands and company winding up petitions to protect businesses affected by restrictions introduced in response to the Coronavirus pandemic. These measures placed a high bar for creditors seeking ... a winding up petition and have been extended several times. As restrictions on businesses have now been removed the current measures are to be replaced with new tapering measures, that will help business get back to normal without facing a 'cliff edge' following withdrawal of the current provisions".
No comments:
Post a Comment