Final temporary insolvency measures have expired

During the COVID19 pandemic, the UK government introduced various measures which protected businesses affected by the lockdown restrictions.

This included a restriction on winding up companies. This prevented businesses from being issued with a winding up petition. A winding up petition generally implies that a company is not paying its debts and could be insolvent.

Previous measures expired at the end of June and September 2021, but this restriction on winding up petitions ended on 31st March 2022. This will not be extended any further.

Business owners are now being advised by GOV.UK to seek professional insolvency advice to protect their business. Ensure you're speaking with fully licensed experts from a reputable firm. The Directors Choice have a selection on our Company Debt Help area which you can compare and find free, no-obligation advice.

Article by GOV.UK