Receiving a winding up petition can be a very frightening experience. With our team you will be in safe hands. Since 2002, our team has dealt with many 100's of petitions over the years and successfully resolved many of them to the benefit of our clients. Let our team help you today.
Receipt of a winding up petition is often a very scary prospect for a company and its directors. If you are unfamiliar with the document, it can look very threatening indeed. You are right to be concerned though as a winding up order is a very serious type of court document.
A winding up order is a type of court document which means that if you ignore it, it can lead to your company being placed into formal liquidation. That means the company can no longer trade and a liquidator is appointed over the running of the company and his job is to sell the assets of the company and collect in any debts due and owing to it to pay off the company creditors. He also has powers to investigate how the company was run and even bring claims personally against the directors or managers of the business.
Therefore, it is very important to act quickly if you have received a winding up petition. The key questions are whether the debt claimed is due. If it is disputed then it is important to raise those disputes quickly as otherwise within 7 business days of having received the winding up petition, it can be advertised in the London Gazette. This means that the winding up order becomes a publicly known document and your suppliers may stop supplying your company and your bank may freeze your bank account – bank account frozen is not good.
If the debt is not disputed, then the quickest way to resolve the winding up petition is to pay the debt although you may then have issues of paying legal costs. We can help you through this process but it can lead to the winding up petition being withdrawn quickly. If the debt is due but you cannot pay it all in one go, then we can help you arrange for an instalment plan and this can stop the winding up petition being advertised in the London Gazette.
Debt admitted – need time to pay
If the debt is not disputed but you do not have the ability to pay it, then even then often not all is lost. We can help you consider whether you need alternative financing solutions or whether the company is a good one but is just having cashflow difficulties and needs some form of restructuring advice. It might be that a company voluntary arrangement or some form of administration is more appropriate. We have excellent contacts with restructuring professionals and insolvency practitioners if you need to speak to them. Our company rescue team is particularly strong.
If you are asking yourself what to do if I have received a winding up petition, then speak to the experts. We can help you on any level with any winding up order enquiry. We are the leading company rescue and winding up order experts.