Top Service News
GOVERNMENT ANNOUNCES END TO LAST OF TEMPORARY INSOLVENCY MEASURES
Published on
The Government has announced (28 March 2022) that the last of the Temporary Insolvency Restriction Protections are being lifted.
To help protect businesses from insolvency a number of changes were introduced under the Corporate Insolvency and Governance Act (Coronavirus) to protect business from creditor action since June 2020.
Most of these measures expired at the end of June and September 2021, except for restrictions on winding up companies, which were extended until 31 March 2022.This remaining insolvency restriction will not be extended further, allowing the insolvency regime to return to its pre-pandemic operation.
Emma Miller, Top Service Company Director says:
“The Government is now advising business leaders to seek professional insolvency advice to help protect their business. 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.
We welcome the opportunity to talk to you about any bespoke changes you would like to make to our debt recovery procedures to fit the culture you have for maintaining customer relationships, whilst addressing the need to keep cash flow as fluid as possible for your business. Please contact our collections team to talk through any individual cases or to explore how else we can support you,”
The temporary measures were introduced in the Corporate Insolvency and Governance Act 2020
What makes Top Service Ltd different?
As the only credit reference and debt recovery agency specific to the construction industry, we make it our mission to ensure our members receive the most up to date, credit information and company trading experiences which can make a real difference between company profit and painful write-offs.
Are you struggling to recover the money you are owed?
Top Service members have access to an exclusive combination of no collection, no fee debt recovery services.
Contact our helpdesk team today on 01527 518800 to discuss how Top Service can support and help you protect your business.