22nd Dec 2020

What will the ‘Debt Respite Scheme’ mean for businesses and individuals?

The Debt Respite Scheme is set to be introduced in May 2021.  The Scheme aims to provide individuals with a 60-day moratorium or breathing space from their creditors if they seek professional advice.  Where applicable, the Scheme will freeze interest, fees, charges and any enforcement action.

Whilst the Scheme is of course designed to support individuals in financial difficulty the reality is that it could be another blow to businesses who are simply trying to get paid for the work they have done. 

Natasha Guest is a Senior Associate in Berwins' Dispute Resolution team.

Our dedicated and friendly team is here to help. If you have a matter you would like to discuss in confidence, please get in touch by calling 01423 509 000 or use our contact form online and we will get back to you as soon as possible.

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