Advertisement of a winding up petition in the London Gazette is the way in which the petition is formally made known to creditors and other third parties such as banks. It is also a requirement to then wind up the company at court. It is usually disastrous for a business and best avoided. Whatever your situation - we can help.
If the winding up petition debt remains unpaid or undisputed, then after 7 business days has elapsed from the date of service, the petitioner can advertise the winding up petition in the London Gazette.
The London Gazette is a trade magazine which publishes many different types of company and individual notices such as
- bankruptcy petition notices;
- company voluntary arrangements notices;
- liquidation notices; and
- winding up petition notices.
The reason for placing an advert in the London Gazette is to allow other company creditors to be made aware of the existence of the winding up petition. Those creditors may then support the winding up petition with their own debt by sending what is called a notice of support.
Without advertising the winding up petition properly in the London Gazette it is not possible to wind up a company. The court simply won’t grant a winding up order.
This process is also important to get right for other reasons.
- a wrongly drafted advert can have very serious consequences as the petition, once in the London Gazette becomes public knowledge and will be picked up by credit reference agencies, banks and trade suppliers;
- any mistakes in the advert could have important ramifications;
- wrongly advertising the winding up petition can have drastic consequences and hold the petitioner open to a claim in damages.
At Francis Wilks & Jones we can help you through this tricky winding up process and furthermore make sure you complete the winding up petition advertisement within the correct time periods.
We can also help you if you are facing the prospect of your company being advertised in the Gazette – and take steps to try and avoid this if at all possible. Once it becomes a matter of public record – it is very serious for any company.
The relevant section of the Insolvency Rules relating to winding up advertisement are set out in Rule 7.10
1. Unless the court otherwise directs, the petitioner must give notice of the petition.
2. The notice must state—
(a) that a petition has been presented for the winding up of the company;
(b) in the case of an overseas company, the address at which service of the petition was effected;
(c) the name and address of the petitioner;
(d) the date on which the petition was presented;
(e) the venue fixed for the hearing of the petition;
(f) the name and address of the petitioner’s solicitor (if any); and
(g) that any person intending to appear at the hearing (whether to support or oppose the petition) must give notice of that intention in accordance with rule 7.14.
3. The notice must be gazetted
4. The notice must be made to appear—
(a) if the petitioner is the company itself, not less than seven business days before the day appointed for the hearing; and
(b) otherwise, not less than seven business days after service of the petition on the company, nor less than seven business days before the day appointed for the hearing.
5. The court may dismiss the petition if notice of it is not given in accordance with this rule.
Our expert team of winding up petition solicitors at Francis Wilks & Jones are here to help you with any type of winding up petition enquiry or question. Contact one of our team of expert friendly winding up petition lawyers now for your confidential winding up petition consultation.