Insolvency and debt recovery specialists
Last month, the Government lifted the insolvency restrictions introduced to combat the Covid-19 pandemic. In particular, the repeal of Section 10 of the Corporate Insolvency and Governance Act 2020 (CIGA) should please creditors.
Creditors were still able to obtain winding-up orders. However, Section 10 of the act compelled them to:
- Only pursue debts of £10,000 or more
- Seek proposals for payment
- Wait 21 days before responding
Now creditors are free to pursue and recover (in a pre-pandemic fashion) any outstanding monies they are owed.
Debt recovery
This news should be beneficial to the debt recovery specialists and directors of small to medium-sized companies who were previously unable to:
- Collect overdue invoices
- Wind up insolvent companies
Many times between June 2020 and March 2022, we saw courts reject winding-up petitions because solicitors were unsure of the rules. However, we are debt recovery specialists who understood insolvency procedures.
Consequently, Insolvency & Law (I&L) successfully obtained at least a dozen winding-up orders while the Government restrictions were in place. For the past two years, things have been very favourable for debtors. But now the pendulum has swung back to creditors.
As a result, you can expect a significant increase in the number of winding-up petitions issued this year. Many directors are scared for their companies because creditors are:
- Chasing overdue invoices again
- Reengaging in debt recovery procedures
Call I&L on 0207 504 1300 to speak with an independent, professional advisor and learn how to protect your interests while recovering debts…
De Trafford Third Party Recovery: An Update
The recent financial collapse of multiple DeTrafford property development companies hassignificantly impacted purchasers. As they navigate the consequences, a glimmer of hope arises asthe wheels…
Read MoreNorthumberland Living Developments: Allegations and Challenges
Northumberland Living, In West Chevington Farm, Druridge Bay, is a development poised for completion. Only to be stalled by an apparent unforeseen historical conveyancing issue.…
Read MoreSt Anne’s Street Limited: The Perils of Off-Plan Property Purchases
Two luxury housing developments in Liverpool have faced major setbacks, leaving purchasers indespair and dreams of new homes shattered. St Anne’s Street Limited and Chaloner…
Read MoreCounty Court Judgements- What are they?
Dealing with unpaid debts is never a pleasant situation, but sometimes it becomes necessary to seek recourse to resolve these matters. One such avenue available…
Read More