An unadvertised winding up petition is one which hasnt formally been advertised in the London Gazette. However, as soon as petitions are issued at the High Court there is a danger that they might become public knowledge through other means - so it is vital to take quick action to prevent serious damage to a business. We can help.
- the London Gazette is a well known publication;
- advertisement is simply another way of saying “published”;
- if the winding up petition has not been advertised in the London Gazette, the court will not make the necessary winding up order.
The purpose of advertising the winding up petition in the London Gazette is so that other creditors and interested parties such as banks and financiers become aware of its existence. They can then support the winding up petition or take appropriate action against the debtor company such as the bank account being frozen.
- however, if a creditor has advertised the petition in the London Gazette then it is highly unlikely that they will recover any outstanding monies in relation to the winding up petition debt;
- this is because the winding up petition becomes common knowledge and other creditors will support the winding up petition and the bank will almost certainly freeze the bank account;
- it often signals the end of a company.
Therefore, while a creditor can advertise a petition, if it is simply trying to recover debts, it is far more the “threat” of advertisement than the fact of advertisement in the London Gazette which helps recover the money.
Until a winding up petition has been advertised in the London Gazette, the winding up petition is deemed “unadvertised”. Whilst it is still possible that it may come public knowledge through other means (for example there are credit reference agencies that go down to court and leaf through the public records) an unadvertised winding up petition is one which is not formally advertised in the London Gazette.
Please contact one of our friendly expert winding up petition solicitors now for your friendly consultation. At Francis Wilks & Jones, we have a team of dedicated winding up petition exerts
One of the most astute appointments I have ever made.A company director