Winding Up and Bankruptcy Petitions

Serious legal processes that require a serious team.

Winding up petitions

The effects of a winding up petition on a company can’t be underestimated:  it is tantamount to inviting it to its own funeral.

Once the world gets to know even of the issue of such a proceeding then it will result in the company’s bank account being frozen leaving it unable to trade or even pay its salary bill.  By the time the hearing date comes round it may well be too late.

The use of winding up petitions by legitimate creditors is a common way of forcing the payment of outstanding debts.

How we can help

We have vast experience of:

  1. Issuing and pursuing winding up petitions on behalf of legitimate undisputed creditors to secure swift payment of debts. The process can also be used to enforce outstanding judgments. We can fully advise on the ramifications and costs of pursuing these actions.
  2. Assisting companies who receive winding up petitions. If there is a dispute over the debt claimed we can seek injunctions to prevent advertisement of the petition as well as resisting the masking of a winding up order. In addition, we can help with obtaining validation orders, which allow urgent payments to continue to be made from the company’s bank account. If necessary, we can advise and refer to the company one of a number of local or national Insolvency Practitioners who work with us to find the appropriate solution for companies in financial difficulties.

Bankruptcy Petitions

A bankruptcy petition against a person is a serious matter. If an order is made all that the bankrupt owns, including and most importantly any interest in a property, will transfer to a Trustee in Bankruptcy. The Trustee will then sell those assets for the benefit of creditors.

The process starts with the service of a statutory demand requiring payment within 21 days.

If this does not happen then the creditor is free to issue a petition.

As a creditor we can help in using the process to secure payment of unsecured undisputed debts. The process can also be used to enforce a judgement over £5,000 against an individual which is unsatisfied.

If you receive a statutory demand or petition and you dispute what is claimed then we can also help in preparing and representing you at application to set aside the statutory demand or resisting the petition. In the event that you need help because of financial difficulties then we can refer you to a local Insolvency Practitioner who will be able to assist with the best course of action to take.