Posts Tagged ‘winding up petition’
50% increase to bankruptcy and liquidation fees
Just months after lifting the temporary restrictions on winding-up petitions, the Government has revealed plans that will make it harder for thousands of SMEs and microbusinesses to collect debts and force debtors into insolvency procedures. The Insolvency Service plans to hike in the cost of two key payments later this year. Firstly, the deposit a…
Read MoreHow to obtain winding-up orders and petitions in 2022
Following the lifting of the Government’s CIGA 2020 restrictions last month, creditors are once again free to present winding-up petitions to insolvent companies that owe £750 or more. Subsequently, we thought you’d like some tips and advice on how best to utilise winding-up orders and petitions in 2022. You should move swiftly against any company…
Read MoreInsolvency 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…
Read MoreEnd of temporary 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 MoreHow to challenge a statutory demand
Company directors, business owners, and individuals can expect to receive more statutory demands in 2022 compared to previous years. Why? Covid-19 has forced many people and companies to give more credit than usual, and making a statutory demand is the first thing they’ll do when attempting to recover overdue debts. A statutory demand is a…
Read MoreLaws for winding up orders need more clarity
Entrepreneurial small business owners should be overjoyed with Government plans to increase the debt threshold for winding-up petitions to £10,000. The move is in harmony with new protections and laws designed to support businesses. Temporary measures introduced last year under CIGA 2020 will be replaced from 1 October to 31 March 2022. Subsequently, more debtor-friendly…
Read More