The Corporate Insolvency and Governance Bill introduced new measures which were designed to assist companies facing financial difficulties and the measures are particularly useful diring the Covid-19 crisis.
One of the measures is ‘statutory demands and winding up petitions’. The Bill aims to help struggling businesses by temporarily removing the threat of winding-up proceedings where unpaid debt is due to Covid-19. It introduces temporary provisions to void statutory demands issued against companies during the emergency. This gives businesses the opportunity to reach realistic and fair agreements with all creditors.
For more information on Members voluntary liquidations (MVL), bankruptcy, creditors voluntary liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.