PDT - Winding-up petitions are back
Published: 06 Oct 2021
Winding-up petitions are back (subject to new conditions).
The wait is over. After 18 months of “temporary” restrictions on issuing winding-up petitions imposed by Schedule 10 of the Corporate Governance and Insolvency Act 2020 (“CIGA”), from 1 October 2021 creditors will once again be able to issue a winding-up petition against a corporate debtor. There is however, a catch. The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 10) Regulations 2021 (the “New CIGA Regulations”), which come into force on 30 September 2021, contain radical new conditions for a creditor to meet ahead of issuing a petition, and these new conditions will invariably increase pre-petition work and costs. Read more - https://www.pdt.co.uk/thought-piece/winding-up-petitions-are-back-subject-to-new-conditions