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. We have been helping businesses since 2002. Let our team of experts help you too.
Validation order insolvency really covers a multitude of things. A company may face insolvency if it has been served with a winding up petition or winding up order for a debt recovery matter.
- one effect of that winding up order is commonly that a bank account can be frozen and therefore the company just simply cannot pay key suppliers or key creditors;
- unless that is resolved very quickly, the company can face insolvency and go out of business;
- the remedy for this is to apply to court for what is called a validation order. This is a type of specific order under the Insolvency Act 1986 whereby a court permits payments to be made out of a frozen bank account even though there is a winding up petition or winding up order in place.
There is a set process for this which involves drafting detailed witness statement evidence on behalf of a director or directors of the business. It is not something we would recommend without taking expert legal advice due to the complexities of the application.
Our team of validation order experts have many years’ experience dealing with these applications and our track record is excellent in helping companies get validation orders and continue trading. If you need some assistance in dealing with a bank account frozen situation and need to avoid validation order insolvency, then contact one of our validation order experts now.
Our expert team of winding up petition and validation order solicitors at Francis Wilks & Jones are here to help you with any issues you might be facing including validation order insolvency. Contact one of our expert friendly team now and we can help.
