The Corporate Insolvency and Governance Bill is about to go through Parliament.
The Bill will include restrictions on:
- issuance of statutory demands
- presentation of winding-up petitions, and
- making winding-up orders
if the company's debt problems only arise because of coronavirus.
Details have yet to be given.
It is believed that the Bill will negate statutory demands issued between 1 March 2020 and 30 June 2020, and winding-up petitions presented between 27 April 2020 and 30 June 2020 where, in both cases, the inability to pay derives from the outbreak and lockdown.
It will also prevent evictions of commercial tenants. [20.05]