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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
UK Budget 2021: Business rates cut by half for personal care sector
UK spa, beauty and salon businesses in the personal care sector will all receive a 50 per cent cut in business rates over the next year.
Six Senses, Raffles, Fairmont, St. Regis and Jumeirah ink deal to operate resorts at 92-island mega-project in Saudi Arabia
The Red Sea Development Company (TRSDC), the developer behind the ambitious regenerative tourism project The Red Sea Project (TRSP) in Western Saudi Arabia, has announced the signing of nine hotel management agreements with international hotel brands.
Leading wellbeing organisations launch research to investigate links between built environments and human wellbeing
Interest in how built environments can affect our health and wellbeing has become a major topic of discussion globally, especially as lockdown has seen people spending more time indoors.
Blu Spas creates social spa concept for US$4.3bn Las Vegas mega-resort
Las Vegas’ vast new integrated mega-resort called Resorts World Las Vegas recently launched its 26,000sq ft wellness facility called Awana Spa & Wellness.
Ritz-Carlton Hong Kong unveils new spa programming to promote female wellbeing
A new spa ritual designed to promote overall feminine wellness, ease menstrual discomfort and improve blood circulation has launched at The Ritz-Carlton Hong Kong.
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.
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FEATURED SUPPLIERS

Your spa’s (financial) health matters too!
Spas are so focused on the health of their guests and staff that they often neglect their own financial health. [more...]

Sothys’ Noctuelle night care line nourishes and renews the skin night after night
Lack of sleep, a busy schedule, pollution – every day the skin is subjected to a harsh ordeal. [more...]
+ More featured suppliers  
COMPANY PROFILES
Book4Time Inc.

Book4Time is a global leader in spa, wellness and leisure activity management solutions for the hosp [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

VIDEO GALLERY

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