Winding up Petitions can be a great way of recovering a Judgment Debt. Our brilliant team has successful recovered millions of pounds from debtors. Equally, if you are on the receiving end of a petition - we have huge experience in negotiating settlement or advising on company rescue options.
The importance of understanding key time limits
The following are key winding up petition time limits which either party to a winding up petition should bear in mind:
- winding up petition service. Following the issuing of a winding up petition at court, the petition should be served as reasonably quickly as practicable.
- winding up petition advertisement. A winding up petition advertisement in the London Gazette can only take place 7 business days after the petition has been served. That does not include the day of service. It also does not include weekends. This is a very important date for either party. It is especially important for the defendant as failure to understand this point can lead to the winding up petition advertisement in the London Gazette following which that spells disaster for most companies as it becomes public knowledge.
- if a company is to be wound up, then all supporting documents such as the winding up petition advert, certificate of indebtedness, notice of appearances etc. must be lodged at court 7 working days before the date of the winding up petition hearing. If they are not, then the court will not wind the company up at that hearing and could even lead to winding up petition dismissal.