12 April 2021
R&I update – April 2021 – 2 of 5 Insights
On 24 March 2021, further extensions were announced to the range of government measures aimed at protecting UK companies and directors affected by COVID-19.
These measures are in line with the recent extension of the prohibition on commercial landlords forfeiting leases for non-payment of rent and on the use of commercial rent arrears recovery to 30 June 2021.
Some of the requirements for entering into the new moratorium procedure will remain relaxed until 30 September 2021. This three-month extension after the end of other restrictions may provide struggling businesses with easier access to much needed breathing space from their creditors while they're looking to manage debt and trade out of their financial difficulties.
Although further extensions of these measures beyond June and September 2021 are possible, businesses should use this opportunity to work with their stakeholders and start planning now for the inevitable easing of restrictions and government support. To discuss these plans further, please reach out to a member of our Restructuring & Insolvency team.