End of temporary insolvency measures

Creditors are now free to present a winding-up petition on a debtor company that owes over £750 following the lifting of the government's temporary CIGA 2020 insolvency measures

Last week, the Government withdrew the temporary insolvency measures introduced two years earlier to support businesses during the Covid-19 pandemic. Creditors could obtain winding-up petitions under the temporary legislation (enacted as part of the Corporate Insolvency and Governance Act 2020). However, the debt threshold for winding-up petitions increased to £10,000 and creditors were compelled to:…

Read More

Liquidation advice for creditors in a CVL

Creditors in a creditors' voluntary liquidation (CVL) gain leverage by uniting. But they must be proactive

In a creditors’ voluntary liquidation (CVL), the liquidator / insolvency practitioner (IP) turns the insolvent company’s assets into cash, and pays their own expenses before distributing revenue to creditors. As in all statutory insolvency procedures, secured creditors receive payment before preferential creditors. Any revenue that remains after preferential creditors have been paid is distributed equally…

Read More

Stat demands and winding-up petitions post Covid-19

• Statutory demands and winding-up petitions have been temporarily suspended to help kick-start the economy

The Government’s decision to suspend the filing of Statutory Demands and Winding-up Petitions is a huge blow for creditors seeking to collect payment of outstanding debts. As a result of the Corporate Insolvency and Governance Act, a creditor’s only debt enforcement remedies are through the county court via either a bailiff or a third-party debt…

Read More

Insolvency & Law Shortlisted for “Insolvency and Restructuring Firm of the Year 2016″ award

Insolvency and Restructuring Firm of the Year

London-based magazine Finance Monthly, which is distributed to more than 100,000 readers across the globe, recently shortlisted Insolvency & Law (I&L) in the category of British ‘Insolvency and Restructuring firm of the year, as part of the  eighth annual Finance Monthly Global Awards. To celebrate the nomination, below, I&L director Peter Murray shares his thoughts…

Read More

Why Didn’t Insolvency Service Prosecute MG Rover’s Phoenix Four?

The former directors of MG Rover Group (MGRG), who pocketed over £40 million as the company spiralled into administration, should have been punished with lengthy disqualifications forcing them into early retirement and out of business management. Instead, Peter Beale, John Towers, Nick Stephenson and John Edwards – known as the ‘Phoenix Four’ – received bans…

Read More
Scroll To Top