Key Changes to the Bankruptcy and Companies Master’s Guidance
8 September 2021
Prior to the summer, the Government announced that there would be a further extension under The Corporate Insolvency and Governance Act 2020 of existing restrictions on Statutory Demands and Winding-Up Petitions until 30 September 2021, where the debts relate to the pandemic. As that deadline looms, unlike England and Wales, in Northern Ireland the latest Bankruptcy & Companies Masters’ Court Guidance dated 3 September 2021 states that the ongoing restrictions in presenting Creditors’ Bankruptcy or Winding-up Petitions continues and is unlikely to be removed in the short term.
It is notable, however, that unlike previous guidance the latest provided sets out the procedures for the re-listing of Creditors’ Bankruptcy and Winding-Up Petitions adjourned between March and June 2020. The Bankruptcy Office has confirmed that these cases have been relisted, with the first date being 20 September 2021.
The latest guidance also refers to the moratorium contained within The Corporate Insolvency and Governance Act 2020 being extended. Subject to any further extension many Creditors who have been unable to issue petitions will be hoping that the ability to present Bankruptcy or Winding-Up Petitions in Northern Ireland as new business will naturally follow. You can read the full document here.
Creditors or Debtors who are unsure what their options are should seek expert advice in order to establish the best course of action. If you or your business is affected by any of these issues or require assistance please contact the Debt Recovery & Insolvency team at MKB Law to discuss your needs.