The Government's temporary restrictions on Winding-Up Petitions which expired on 31 March 2022, found in Schedule 10 of the Corporate Insolvency and Governance Act 2020 (CIGA 2020) have not been extended.
The Insolvency Service announced on 28 March 2022 that the temporary insolvency measures which applied under CIGA 2020 will expire on 31 March 2022 which means it will no longer be necessary to serve a Schedule 10 notice on a debtor 21 days before issuing a Winding-Up Petition. The minimum petition amount which was increased to £10,000.00, has also been removed and Petitions can be based on a debt of at least £750.
At the start of the pandemic in 2020, the Government introduced temporary measures to assist businesses who had suffered cash-flow problems including restrictions on issuing Winding-Up Petitions. In September 2021, the Government announced restrictions for presenting Winding-Up Petitions between 1 October 2021 and 31 March 2022 including a Schedule 10 Notice and increasing the Petition minimum amount to £10,000 as a result of the pandemic.
The insolvency regime in the UK will return to its pre-pandemic process.
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