There are many options to take when served with a winding up petition – and our experience since 2002 dealing with 100’s of petitions for companies and directors means that we can advise on the right course of action for you. But don’t delay – quick action is vital to avoid the worst consequences of a petition. We can help you continue trading safely and minimise the risk of personal claims against directors
Whilst a winding up petition is highly stressful for the directors and serious for the company, it is possible to continue trading with a winding up order in place but only if certain key steps are taken.
Company directors must be aware that without proper sanction of the court, payments from a company account can be deemed voidable and in the event that the company is later wound up, personal claims can be made against directors for repayment of those monies and also the third parties who receive the monies.
In order to safely continue trading despite a winding up order, it is necessary to
- apply to court for a special order called a validation order. With a validation order, the court permits certain payments from the company bank account to be made to enable the company to continue trading.
- a validation order is also very helpful if you face a frozen bank account situation and are looking to unfreeze assets or unfreeze the company bank account. A limited company bank account frozen situation is potentially drastic for a company and as such, having a validation order in place takes away the risk of trading illegally and allows you to pay off various creditors and force the bank to make those payments.
At Francis Wilks & Jones we have a brilliant team of legal experts who can help you to continue trading despite a winding up order being in place. We have dealt with hundreds of situations where companies have faced winding up petitions against them and have been successful at court many times. We also have our own in-house barrister who can attend court at short notice to make the application and we are completely experienced in dealing with the applications, service of the documentation and notification to the bank.
Whatever your position with regard to a winding up order, contact one of our expert team of winding up order solicitors now for urgent help.
Francis Wilks & Jones is the county’s leading firm of validation order solicitors. We are experts in all matters relating to validation orders and making these types of applications. Whatever your situation, let us help.