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Winding Up Orders

Pre-emptive action is required

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Protect your business and yourself

If your Company is issued with a statutory demand you must act quickly and we advise taking professional advice immediately.

For any debt over £750 a creditor can issue a statutory demand for payment which if undisputed or unchallenged within 21 days enables the creditor to request the court to issue a winding up petition.

If a winding up petition is granted the following actions take place:

A liquidator is appointed to close the business.
The Company’s bank accounts and assets are frozen.
 The liquidator must investigate the activities of the Company’s Directors       to ensure they have acted properly and within the law.
 The Directors can become personally liable for the Company’s debts if       they knowingly traded whilst the Company was insolvent.

As part of our business recovery service we advise on the consequences of cash flow pressures and lack of solvency. We first of all take immediate action to protect the Company and its Directors and allow some breathing space to consider the best course of action.

We will advise on the best options open to you for resolving the immediate problems and achieving a positive solution for going forward.

To ensure you protect your business and yourself and take the best course of action email us here and we will channel your enquiry to the most appropriate advisor for immediate attention.

Where you stand if you receive a winding up order

There are now fewer options available under a winding up petition and you really need to seek professional advice immediately.

Here are the options:

You cannot put the company into voluntary liquidation.
You cannot sell the company and you cannot sell the assets
You can pay off the debt or negotiate a payment plan with the creditor
Defend the petition, if for example it is not an agreed debt
 Seek the protection of a company voluntary arrangement, but you need to      move fast

If the business is viable then administration is an effective means to defend the petition.

Wondering what to do next?

Simply make contact here.

To find out more about our business protection and recovery service email us here and we will channel your enquiry to the most appropriate advisor.

Remember there’s absolutely no cost for initial consultations and assessments. We look forward to hearing from you.