Winding Up Petitions
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What is a Winding Up Petition?
A Winding Up Petition is a legal tool used in commercial business debt recovery, and for individulas. Who are owed money by a company, as one of the last resorts.
This is typically filed by a creditor to initiate the process of winding up a company that has failed to pay its debts.
For you to be able to wind a up a company you will need to prove the following:
- The amount owed is at least £750
- Have taken steps to demand payment
- Filed a petition with the court to wind up the company
- Court hearing has ruled the company cannot pay its debts
If the liquidation is successful following a court hearing. Then a liquidator will take control of the company and sell its assets.
The money raised will be distributed to creditors in order of priority, after the costs of the liquidation have been paid.
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