Stat demands and winding-up petitions post Covid-19

• Statutory demands and winding-up petitions have been temporarily suspended to help kick-start the economy

The Government’s decision to suspend the filing of Statutory Demands and Winding-up Petitions is a huge blow for creditors seeking to collect payment of outstanding debts. As a result of the Corporate Insolvency and Governance Act, a creditor’s only debt enforcement remedies are through the county court via either a bailiff or a third-party debt…

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Winding Up Petitions Are the Way Forward for Creditors

In recent years, it has become popular for creditors to issue winding up petitions as a method of debt recovery. It’s something I’d recommend simply because debt recovery laws in the UK are toothless; they don’t bite. If a company owes its creditors money, the creditor will go to county court and get a county…

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How Do You Issue a Winding Up Petition?

A Winding Up Petition (WUP) is the most serious action that can be taken against a company and usually is only issued if a creditor is determined to recover an undisputed debt or put the company out of business because the debtor company is believed to be insolvent. The creditor will issue a statutory demand,…

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