The Insolvency Service has announced that the remaining temporary insolvency measures that apply under the Corporate Insolvency and Governance Act 2020 will expire without renewal on 31 March 2022.
On 28 March 2022 the Insolvency Service announced that the remaining temporary insolvency measures applied under the Corporate Insolvency and Governance Act 2020 (CIGA 2020) will expire on 31 March 2022. This means, among other things, that it will no longer be necessary to serve a Schedule 10 notice on a debtor 21 days before issuing a winding-up petition (or to obtain court dispensation). The minimum petition amount of £10,000 will also end and petitions can again be based on a statutory demand relating to a debt of at least £750.
By way of background to the expiring temporary measures under CIGA 2020, at the start of the COVID-19 pandemic in 2020, the government introduced a number of temporary measures to assist businesses. These included the restrictions in Schedule 10 to CIGA 2020 on issuing winding-up petitions.