Further to our recent blog in relation to the Government extending both the ban on the forfeiture of commercial leases for the non-payment of rent and the protections in relation to CRAR, the Government has now also extended the period for temporary insolvency measures under CIGA 2020. As such, the following measures will no longer expire on 30 September 2020 and are extended until 31 December 2020:
- The prohibition on presenting winding-up petitions based on statutory demands.
- The prohibition on presenting winding-up petitions or making winding-up orders based on any other definition of the debtor's inability to pay its debts, unless coronavirus can be discounted as a reason for that inability.
If you would like advice on any particular aspect of the above, please contact one of the team to discuss how we can help you.
The content of this page is a summary of the law in force at the date of publication and is not exhaustive, nor does it contain definitive advice. Specialist legal advice should be sought in relation to any queries that may arise.