Top Service News
GOVERNMENT ANNOUNCES END OF TEMPORARY INSOLVENCY MEASURES
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The government has announced (9 September 2021) that the Temporary Insolvency Restriction Protections are being lifted[1] and new targeted measures to support small business and commercial tenants will be introduced.
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, these restrictions will now be phased out from the 1st October 2021.
New legislation will come into force until March 2022 and will include:
- Protect businesses from creditors insisting on repayment of relatively small debts by temporarily raising the current debt threshold for a winding up petition to £10,000 or more.
- Require creditors to seek proposals for payment from a debtor business, giving them 21 days for a response before they can proceed with winding up action.
Emma Miller, Top Service Company Director says:
“With the threshold for issuing a petition being increased, 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
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.
“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,” Emma Miller, Company Director Top service Ltd.
Contact our helpdesk team today on 01527 518800 to discuss how Top Service can support and help you protect your business.
[1] https://www.gov.uk/government/news/end-of-temporary-insolvency-measures [gov.uk]