25th of October 2021 – On that day winding up petitions can be presented to Court as long as a 21 day Warning letter to the debtor was received and any proposals for settlement were rejected by the petitioning Creditor. 

The debt must be for over £10,000 and not for rent or associated charges. On the next April Fools Day all Hell will be let loose as it is expected that these new restrictions will be watered down.

Directors can wisely use this 21 Day period to either pay the debt in full or propose a Company Voluntary Arrangement if they wish to continue to trade.

If you require help with this then please call 0333 050 8518 and we’ll set you on the right track.