CLICK for updated guidance from the Bankruptcy Master issued 10 May 2022.
In summary, the court has confirmed that they will be accepting new creditor petitions from 5 September 2022 on the basis that the following requirements are met:
- A court judgment is secured by the creditor in respect of the debt; and
- The Petition is grounded on a statutory demand that has been served on or after 1 June 2022.
The guidance has not been changed for now in respect of Companies Winding Up Petitions. We expect to receive updated guidance on this once the NI Executive approves the new rules for Winding Up Petitions arising out of the Corporate Insolvency and Governance Act 2020.
This information will be of some assistance to many of you when advising clients from both the creditor and debtor perspective.
If you have any queries please feel free to get in touch: Richard.Craig@MillsSelig.com or 028 9024 3878
Richard Criag, Partner and Head of Restructuring & Insolvency
Richard is head of the Restructuring and Insolvency team, with a background in disputes and litigation. He regularly attends before the High Court to deal with various types of insolvency proceedings.
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