It's back to normal with the end of temporary insolvency measures

Published: 20/04/2022 By Hannah McCormack

We are now into a new financial year but it also marks the end of the remaining temporary insolvency measures that were put in place during the pandemic. As we previously reported the Corporate Insolvency and Governance Act 2020 introduced a number of temporary insolvency measures to help businesses that were affected by the restrictions put in place during the lockdowns.

Although the majority of the measures ended in June and September last year, there was an extension until 31 March 2022 for the restrictions on winding up companies.
 
This last restriction which has not been granted a further extension means there are no longer any insolvency restrictions currently in place and things are as they were pre-pandemic.

Insolvency doesn’t always mean a formal process, here at turpin barker armstrong we promote a rescue and recover culture where we explore all avenues and only use a formal insolvency process if absolutely necessary or if the director is looking to close the business for reasons other than financial strain. Check out our business turnaround page to see how we could help.