Financial standing periods of grace extended

Jun 19 | 2020

The UK’s Traffic Commissioner has extended the maximum period of grace for financial standing.

Previously, it was a maximum of six months with the Senior Traffic Commissioner (STC) having set a four-month starting point. The law has been changed to increase that maximum to 12 months with the STC suggesting an initial six-month starting point. Any decisions about the grant or length of a period of grace will include an assessment of the risk to road safety.

This extension to the law applies to any determination made between 1 March, 2020 and 30 September, 2020. This gives operators the opportunity to recover their finances during the extended period following the resumption of normal trading as the lockdown eases.