Winding Up Petitions
If you’ve already tried to recover a debt from a creditor, a winding-up petition may be the only option available to help recover the outstanding debt. This is a very serious step, so it’s crucial that you know the full implications and receive professional legal advice before proceeding.
Our specialist team advises clients in different languages on a wide range of Business Law matters. Call them on 0208 1111 911 or contact them through the website to discuss your circumstances with them.
What is a winding-up petition?
The issue of a winding-up petition can result in the company that owes you money being wound up and ceasing to exist. It could result in a winding-up order from the court and the appointment of an Official Receiver to liquidate any remaining assets and pay creditors where possible.
It is a very serious step which can have significant implications for many people, including the company’s employees. However, if you find yourself needing to issue one, there is every chance that the company owes other companies and individuals as well.
Your actions alone won’t be responsible for the winding-up of the company and you are entitled to do what you can to recover the money you are owed. A winding up of the company could also prevent others accumulating unpaid debts with the company.
When can I issue a winding-up petition?
The debt must be at least £750 and there must not be a dispute over the validity of the debt. You must also have made efforts to recover the debt previously, including direct communication with the debtor. If that fails you should take further action such as a statutory notice or a County Court Judgement.
A winding-up petition is then the very last resort when all other avenues have failed to resolve the issue. By this stage, it’s very likely that you won’t be the only creditor and others may join the petition.
What other legal services might I need?
If you haven’t already taken the necessary formal legal steps against the debtor, rather than a winding-up petition, our Debt Recovery specialists can help you determine the best steps to take to help recover your money.
How do I get advice on winding-up petitions and debt recovery?
Call us on 0208 1111 911 or contact us through the website and we’ll discuss your circumstances with you and recommend the best course of action. The initial call is free and we’ll advise you of our fees before you decide to instruct us.