A winding up petition is by far the most serious action that can be taken against your company. Often it arises because a creditor feels that they have no other way of recovering money owed to them. You may have tried hard to meet their payment deadlines, the trust has been broken and your creditor has taken this drastic action.
Normally a creditor will issue a statutory demand and then 21 days must pass before they can apply to the court to issue a winding up petition.
If you have received the statutory demand you normally have 21 days to dispute the demand or to come to an agreement with your creditor over repayment. If this hasn’t happened and a winding up petition has been served against you, you will only have a few days to settle the debt, or agree a repayment plan with the creditor, before the petition is advertised in the London Gazette.
The London Gazette is published daily both in-print and online, making it fully accessible to the public. It is very common for your bank account to be frozen once the London Gazette advertisement appears. There is also a high chance that your other creditors will withdraw credit facilities and make their own demands for payment.
If a winding up petition has been served on your company, seek professional advice immediately by contacting Phil or another member of our licensed insolvency practitioners on 0333 014 3454. Alternatively, visit one of our local offices or email us: firstname.lastname@example.org
If your business is in trouble - if you are facing creditor debts, HMRC debts, or struggling to meet payroll, then you could be facing liquidation. Can your business be saved? Download our free guide, 'What To Do When You Are Facing Liquidation' now.