Struggling businesses have been handed additional assistance after the Government extended changes to insolvency laws that were brought in during the pandemic.
In response to the coronavirus pandemic and the resulting lockdown measures, the Government introduced the Corporate Insolvency and Governance (CIG) Act to bring in new tools to give struggling firms “the time they need to maximise their chance of survival”.
The Act introduced easements for Annual General Meetings and filing requirements for public limited companies but also brought in a number of measures that stopped creditors and suppliers from pressuring businesses.
These included:
- Preventing suppliers from ceasing to supply goods or asking for additional payments while a c…
Read the full article at: https://www.business-live.co.uk/professional-services/coronavirus-insolvency-act-deadline-extended-20327192