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NEWS
Temporary insolvency measures in the UK to end on 1 October
POSTED 17 Sep 2021 . BY Tom Walker
The measures were designed to protect small businesses hit hard by the pandemic, such as health clubs and fitness studios Credit: Shutterstock/MilanMarkovic78
Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October
The government confirmed the end date while announcing a new set of measures
New legislation will protect businesses from creditors insisting on repayment of relatively small debts
The new measures are set to be in force until at least 31 March 2022
Temporary measures brought in to support businesses in the UK from insolvency during the pandemic will be phased out from 1 October, the government has confirmed.

Businesses facing financial distress – as a result of the pandemic – were given extra protection from creditor action in June last year, as part of the Corporate Insolvency and Governance Act 2020.

From 1 October, those protections are being lifted and new "targeted measures" will be introduced to support small businesses and commercial tenants.

The new legislation will protect businesses from creditors insisting on repayment of relatively small debts, by temporarily raising the current debt threshold for a winding-up petition to £10,000 or more.

New measures will also require creditors to seek proposals for payment from a debtor business, giving them 21 days for a response before they can proceed with winding-up action.

The new measures are set to be in force until at least 31 March 2022 and will cover England, Scotland and Wales. Northern Ireland will implement similar legislation to mirror these measures.

Business Minister Lord Callanan said: "The success of our vaccine rollout means we are seeing life and the economy returning to normal with a strong rebound, and the time is right to lift the insolvency restrictions that were needed during the pandemic.

"At the same time, we know many smaller businesses are rebuilding their balance sheets and reserves, and some will need more time to get back on their feet. These new measures protections will help them to do that."
Sign up here to get the Spa Business and Spa Business insider weekly ezines and every issue of Spa Business and Spa Business insider magazines free on digital.
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NEWS
Temporary insolvency measures in the UK to end on 1 October
POSTED 17 Sep 2021 . BY Tom Walker
The measures were designed to protect small businesses hit hard by the pandemic, such as health clubs and fitness studios Credit: Shutterstock/MilanMarkovic78
Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October
The government confirmed the end date while announcing a new set of measures
New legislation will protect businesses from creditors insisting on repayment of relatively small debts
The new measures are set to be in force until at least 31 March 2022
Temporary measures brought in to support businesses in the UK from insolvency during the pandemic will be phased out from 1 October, the government has confirmed.

Businesses facing financial distress – as a result of the pandemic – were given extra protection from creditor action in June last year, as part of the Corporate Insolvency and Governance Act 2020.

From 1 October, those protections are being lifted and new "targeted measures" will be introduced to support small businesses and commercial tenants.

The new legislation will protect businesses from creditors insisting on repayment of relatively small debts, by temporarily raising the current debt threshold for a winding-up petition to £10,000 or more.

New measures will also require creditors to seek proposals for payment from a debtor business, giving them 21 days for a response before they can proceed with winding-up action.

The new measures are set to be in force until at least 31 March 2022 and will cover England, Scotland and Wales. Northern Ireland will implement similar legislation to mirror these measures.

Business Minister Lord Callanan said: "The success of our vaccine rollout means we are seeing life and the economy returning to normal with a strong rebound, and the time is right to lift the insolvency restrictions that were needed during the pandemic.

"At the same time, we know many smaller businesses are rebuilding their balance sheets and reserves, and some will need more time to get back on their feet. These new measures protections will help them to do that."
Sign up here to get the Spa Business and Spa Business insider weekly ezines and every issue of Spa Business and Spa Business insider magazines free on digital.
MORE NEWS
The Spa Collaborative launches The Spa Strategy Success Mapper to help build and elevate spa businesses
Spa business development company The Spa Collaborative (TSC) has unveiled a new service called The Spa Strategy Success Mapper.
Fairmont Century Plaza’s 14,000sq ft spa opens to underpin hotel’s mission to become sanctuary for the health-conscious
Fairmont Spa Century Plaza is now open at the new Fairmont Century Plaza hotel, in Los Angeles, formerly home to the iconic crescent-shaped former Century Plaza Hotel.
ESPA designs holistic treatment series for One&Only and will plant at least one tree for every ritual booked
Luxury resort operator One&Only Resorts and international skincare and spa brand ESPA have partnered to bring new spa programming to select One&Only resorts.
Marriott innovating to relaunch two of its major hotel spa concepts, reveals Kenneth Ryan
Marriott’s global head of spa Kenneth Ryan has revealed the company is preparing two new major spa concepts for its St. Regis and W Hotels hospitality brands, during an exclusive interview with Spa Business.
2021 World Spa and Wellness Award winners announced
The winners of the World Spa and Wellness (WSW) Awards have been crowned as part of the official 2021 WSW Conference, hosted on 17 and 18 October at Excel Centre in London.
Virtual Healing Summit to explore how to heal the self, the community and the earth
Anne Biging and Dr Elisabeth Ixmeier, founders of Healing Hotels of the World and the Healing Summit, are gathering activists, scientists and inspired leaders to host a virtual Healing Summit event on 23 October.
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Iyashi Dôme sets industry standard for touchless infrared sauna technology
Iyashi Dôme has been an industry pioneer for 20 years and is responsible for creating the authentic Japanese long infrared sauna. [more...]

Himalayan salt stone massages – the sustainable stone massage
Using warm hand-carved salt stones, a Himalayan salt stone massage offers a satisfying eco- friendly alternative to traditional basalt stone massages. [more...]
+ More featured suppliers  
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Barr + Wray Ltd

Being able to create award-winning spas, offering a full interior design package and a technical a [more...]
+ More profiles  
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+ More catalogues  

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Sommerhuber GmbH - Ceramic heated LOUNGER ONE PLUS - ultimate relaxation
Lounger One Plus is characterized by an organic aesthetic, delicate contours and an ideal lying comfort. Comfortable ergonomically shaped Heat Storing Ceramics nestle the skin and provide for perfect relaxation – touchless enjoyment meeting the highest hygiene standards. Find out more...
+ More videos  

DIRECTORY
+ More directory  
DIARY

 

31 Oct - 03 Nov 2021

GSN Buyers Conference - Green Spa Network

Ojai Valley Inn & Spa, Ojai, United States
09 Nov 2021

We Work Well North America

Virtual, United States
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2021

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS