Top Service News
Government announces further three-month extension to issuing statutory demands and winding up petitions
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This week (25th March 2021) the government has updated the Corporate Insolvency and Governance Act by extending the moratorium period for issuing winding up petitions and statutory demands, against companies, to the 29th June 2021 in order to relieve pressure being placed on businesses dealing with coronavirus.
To help protect businesses from insolvency a number of changes were introduced under the Corporate Insolvency and Governance Act (2020) (Coronavirus) including the restriction of statutory demands and winding-up petitions which have previously been extended on a number of occasions up until March 2021.
The now three-month extension until the end of 29th June 2021, means winding up petitions are prohibited if the statutory demand served was between March 2020 and September 2020.
Emma Miller, Top Service Company Director said:
“We see the extension of these restrictions as a positive move in that it has given those suppliers the opportunity to see how well a specialised third-party agency can work as an alternative to court action. Suppliers have seen a reduced amount of court fees being paid whilst keeping cash coming into the business.
At Top Service we have adapted our collections methods to suit the struggles of contacting companies who are working from home and potentially on furlough – achieving great results. We advise members to look at their options for collection, take advice from their collections service provider on the best course of action and consider all options.”
The temporary measures were introduced in the Corporate Insolvency and Governance Act 2020
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