Insolvency and debt recovery specialists

Expert advice on statutory insolvency procedures and commercial debt recovery…

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…

Northumberland Living

Northumberland Living Developments: Allegations and Challenges

22/02/2024

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 More
st anne's limited development

St Anne’s Street Limited: The Perils of Off-Plan Property Purchases

15/02/2024

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 More

County Court Judgements- What are they?

19/12/2023

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

Is The Co-op Bank Unfairly Holding the Funds of Our Small Business?

15/12/2023

We can reveal today that the Co-op bank, the bank in which we use for our business account, has been holding and denying us of…

Read More