A winding up petition is a request, or legal notice, submitted by a creditor to the courts demonstrating they are taking serious steps to close down your company. A winding up petition is the most serious threat a business can face and is the last course of action a creditor will take against your company to recover money owing to them. In this article, we outline the procedure and, subsequently, how to stop a winding up petition against your company.
Winding up petitions are the biggest threat for companies, signalling action has been taken to liquidate the business. Once a winding up petition has been submitted, you will need to settle the debt or face losing control of your company. Often, winding up orders are petitioned against larger, registered companies. However, it is possible for an unregistered company to face the same threat. Those businesses include the likes of sole-traders and unincorporated associations, and we are outlining the different process in this article.
Troubles concerning the future of 160 year-old company, Jones the Bootmaker have hit the news in recent weeks. Jones was established in 1857 and is one of the oldest brands on the high street. On 27 March, it was announced that Jones has been sold in a prepack administration deal, which is an insolvency process that has been given some bad press in recent years. We look at the prepack process in a bit more detail here, and consider prepack administration vs liquidation to help you think about when prepack can be a useful tool, and when it might in fact be best avoided.
In supplement to our guide on the administration process, this guide also covers off the additional steps required for the pre-pack administration process. We’ve broken down everything into nine steps and explained what each step encounters along with how much time the process takes.
Business Rescue Expert is part of Robson Scott Associates Limited, a limited company registered in England and Wales No. 05331812, a leading independent insolvency practice, specialising in business rescue advice. The company holds professional indemnity insurance and complies with the EU Services Directive. Christopher Horner (IP no 16150) is licenced by the Insolvency Practitioners Association