Winding Up Process
If “Yes” is the answer to both questions, you could present a court-issued petition to have the company wound up...
Between 2017 and 2021, Insolvency & Law worked on behalf of creditors to help secure £39m in settlements from third parties.
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What you need to know about the winding up order process
The Insolvency Act 1986 (section 127) forbids company directors from taking certain actions following the presentation of a Winding-up Petition. For example, directors must seek permission from the court before attempting to:
Make payments from the company’s bank account(s)
Utilise any of the company’s assets
Failure to respond to a Winding-up Petition, or obtain a validation order may result in:
The debtor company’s bank account(s) being frozen
Advertising of the petition in the London Gazette newspaper
Immediately before, during, and after the presentation of a winding-up petition are very stressful periods. Creditors / petitioners (you) should use these times to negotiate.
It’s likely that your debtor will be open to a deal to avoid their company falling into compulsory liquidation.
NEVER use a petition as a debt recovery instrument. However, you may present them upon insolvent companies that cannot pay their debts when due.
You could be one phone call away from receiving payment. Dial 0207 504 1300 now…