Support measures for statutory demands, winding-up petitions and sector-specific extensions on commercial rents have received an extension.
The government has extended temporary insolvency measures that protect companies with debts from creditor action. This means restrictions on statutory demands and winding-up petitions will remain for a further three months until 30 September 2021. These measures are being extended in recognition of the ongoing exceptional circumstances, in the hopes of giving viable businesses a chance to survive and recover.
On 16 June, the government also announced that businesses that have had to remain closed during the pandemic and are unable to pay rent on their commercial property will continue to be protected from eviction. The existing measures in place to protect commercial tenants from eviction will be extended to 25 March 2022. This is to ensure that the sectors who are unable to open have enough time to come to an agreement with their landlord without the worry of eviction.
The team at Mercer & Hole are well-placed to advise businesses and stakeholders through this challenging time. Our Corporate Restructuring partners and team members provide a practical, solution-based approach in supporting businesses and, in our experience, talking to us early is the best way to guarantee a positive outcome. Please call us for an initial conversation, we are here to help.