Presenting a Winding-up Petition
If “Yes” is the answer to both questions, you could obtain a court-issued petition to have the company wound up...
Advice on how to wind up a company...
If you're an unsecured creditor who is owed money, you may obtain a winding-up order on any company that fails to pay an undisputed debt of £750 or more.
Obtaining a winding-up order on a debtor that has demonstrated its failure to pay will cause the company to immediately fall into compulsory liquidation.
Call 0207 504 1300 to wind up an insolvent debtor...
Learn everything you need to know about winding-up orders from our fortnightly podcast, the Business Advice Show. Listen below...
Windupacompany.co.uk is dedicated to serving unsecured creditors throughout the winding-up process.
Call 0207 504 1300 for advice on:
- Winding up a limited company
- Winding-up petition
- Winding-up orders
- Compulsory liquidation
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*Please note we do not share your details with any third parties.
Consequences of winding-up proceedings
The Insolvency Act 1986 (section 127) forbids company directors from taking certain actions once the winding-up process begins.
For example, directors must seek permission from the court before attempting to:
- Make payments from the company's bank account(s)
- Reduce any of the company's assets
Failure to respond to the winding-up process may result in:
- The debtor company's bank account(s) being frozen
- Advertising of the notice in the London Gazette newspaper
A winding-up petition must NEVER be used as a debt recovery instrument. However, you may present them on insolvent debtor companies that cannot pay their debts when they're due.