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The importance of following the correct procedures
The process for issuing a winding up petition has changed a while ago. Previously, the petition document would be prepared and then taken down to the relevant companies court issuing counter for the winding up order to be issued. That would need a cheque to accompany it.
However, the companies court now only accepts issuing on-line.
Therefore, to issue a petition, you must have the relevant on-line account access and ability to pay the high court fee on-line. This can present difficulties for creditors looking to issue the petition themselves and we would strongly recommend using our services not only as winding up order experts but also the ability to issue on-line documents at court. This is also true for other aspects of the winding up petition process if you ultimately are looking to obtain a winding up order.
Prepare the winding up petition document properly
The winding up petition document still needs to be prepared carefully. It is important that it is correctly completed and that no mistakes are made on the body of the winding up petition document.
If you issue an incorrect winding up order, the court may not accept it at all or, if it is issued and then served, it can lead to the winding up petition being struck out by the court and you facing a significant cost order. Information you need to set out includes
- details of the debtor company;
- the shareholding both issued and paid up;
- information relating to the debt, how it became due, the invoice dates and other particular references throughout the document;
- there are also temporary Covid specific rules which need to be followed as well.
The winding up petition itself also needs to be supported by a separate witness statement.
Get ready to serve the petition once it is returned from the court
Once this is properly filed on-line, the court will accept it and return it to you sealed so that it is ready for service. Whilst some creditors treat the question of how to issue a winding up petition as a routine procedure, it is genuinely important to get this right. Failure to do so can delay payment of the outstanding debt and at worst, can lead to a significant costs exposure if the petition is not done correctly.
Our team of winding up petition solicitors at Francis Wilks & Jones are the best in the country. Whatever your enquiry, we can help.