It is possible to reverse a winding up order and have the petition removed. This is known as rescission and involves a court application. Our team are experts in this field and have made many rescission applications over the years. Call us today for help
“Winding up petition rescind” is a question which can relate to a number of different issues such as:
- how can a debtor remove the winding up petition after the petition debt is paid? It is possible to make an application to withdraw a winding up petition prior to the hearing date if a debt has been paid and the position of legal costs has been resolved. Our team can help you with this process and it is often vital to get the winding up petition removed from the court record as soon as possible so that banks and other creditors do not become aware of it;
- a debtor may want to have the petition dismissed because the winding up petition is defective and/or disputed. In these circumstances, you can rescind a winding up petition by sending a detailed letter to the petitioning creditor and/or its solicitors inviting them to have the petition withdrawn. If they refuse, you can apply to court to have the winding up petition dismissed and/or an injunction put in place to restrain advertisement of the winding up petition. Again, our team can assist;
- the creditor may wish to have the petition rescinded after payment of the debt and/or part payment of the debt. This is because it wants to safeguard its money and avoid the winding up petition being supported by another creditor. If this happens the petitioning creditor loses control of the winding up petition process and the company may still end up being wound up. If this happens, any money paid to the petitioning creditor would have to be paid back into the company in liquidation for distribution to all of the creditors of the company and not just the petitioning creditor.
Whatever the reasons, Francis Wilks & Jones can help you with winding up petition rescission.
Our expert team of winding up petition solicitors at Francis Wilks & Jones are here to help you with your winding up petition questions. Call us today.