If your company bank account has been frozen because of a winding up petition – we can help. A validation order application is normally the best way to proceed, allowing you to continue trading and avoiding the risk of personal liability as well. Let our team of experts help.
A court order to unfreeze bank account is something we can assist you with.
Winding up petitions can cause big problems with bank accounts
Often, following the issue and service of a winding up petition by a creditor or HMRC for debt recovery, the company’s bank will find out about the winding up order and then put a freeze on any payments going out of the company bank account. Frozen bank account issues can often unravel quickly and cause significant difficulties for a business as it won’t be able to pay its staff, suppliers or creditors.
A validation order from court can help fix things
What is often needed is an urgent court application called a validation order. This type of court order can unfreeze the bank account in full or in part.
It is an application to the court pursuant to Section 127 of the Insolvency Act which gets court permission (or validation) to make certain payments out of the frozen account. Once the court order is made, the bank will release those payments out to the relevant parties enabling the company to keep trading.
However, these applications do require the expertise of validation order solicitors in order to make them successful.
- at Francis Wilks & Jones we have undertaken many validation order applications over the years and have dealt with many hundreds of winding up petition situations;
- we can help you prepare the detailed witness evidence you need in order to convince the court to make the order and we also have excellent contacts with external validation order barristers to help make the validation order application.
We can guide you through the application to unfreeze your company bank accounts and make sure you have the best chance of continuing to trade successfully.
Francis Wilks & Jones is the county’s leading firm of winding up petition and company rescue solicitors. We are genuine experts in what we do and regularly make validation order applications on behalf of our clients. We can also help have the winding up petition removed. Our knowledge of the validation order process and winding up petition and winding up orders is second to none. Contact us now and we can help.