Winding Up Petition

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Winding Up Petition

A winding up petition is significant legal action that can jeopardise company continuity.  Left unchecked, the outcome of a winding up petition is compulsory liquidation.   A licensed insolvency practitioner  like ourselves, can help to start or urgently stop a winding up petition.

Call 0121 201 1720 for immediate advice | Download our winding up petition guide.
“You delay, but time will not.” - Benjamin Franklin

The winding up of a company:

Before a winding up petition can be issued a creditor that is owed £750 upwards may send a payment demand letter or serve a statutory demand asking for repayment of the company debt.  If the company debt remains unpaid and the creditor believes the company insolvent, there are then grounds for a winding up petition and subsequent winding up order.  In closing a company (liquidation), creditors have the chance to recover their debt as any assets are sold and the proceeds distributed.

Winding up petition options / how to stop a winding up petition: 

Explore the following winding up petition options; having first bought some time with a court adjournment (call 0121 201 1720).  

The options available and consequences of a winding up petition very much depend upon the speed with which action is taken and the company's circumtances.  As part of the winding up process, bank accounts will likely be frozen once a petition is advertised in the London Gazette to protect unsecured creditors. 

Call 0121 201 1720 for immediate advice | Download our winding up petition guide.
“You delay, but time will not.” - Benjamin Franklin

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