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 use of the bank account and to continue trading - plus avoiding the risk of personal liability as well. We have been helping businesses since 2002. Let our team of experts help you too.
We are often asked “How to apply for a validation order”
Whilst it is relatively straightforward it is not something we would recommend you undertake without legal assistance. The provisions of Section 127 of the Insolvency Act 1986 relating to validation orders are detailed and a court will not make an order without being satisfied that it is appropriate to do so.
- a party applying for a validation order must issue an application notice which is then e-filed at court;
- that application notice is supported by a witness statement normally made by a director or officer of the company who is very familiar with the affairs of the company and particularly the financial affairs of the company;
- there are a number of areas that will have to be completed in the witness statement for the benefit of the court including
- details about the company;
- its paid up capital;
- background as to the circumstances leading to the application;
- details of when the company became aware of the winding up petition; and
- full details of the company’s financial position, cash-flow forecast and details of why the payments need to be made to the various parties.
Without setting out this information in proper detail, the validation order stands little chance of success.
The validation orders team at Francis Wilks & Jones work with our clients to prepare the relevant evidence required for the validation order hearing and we also work closely with a validation order barrister who will present the evidence on the day.
Our team approach is reflected in our brilliant track record of obtaining validation orders for our clients. Let us help take the stress out of the situation and keep you trading.
Don’t hesitate to contact the expert validation orders team at Francis Wilks & Jones for immediate help.