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Winding Up Petition

If you fail to pay a debt of over £750, you may find that one of your creditors decides to send a Winding Up Petition to the court.

If successful, the Winding Up Petition will result in the court issuing a Winding Up Order which means your company will be forced into compulsory liquidation.

A winding up petition is the most serious action that can be taken against you as a business. This is a critical situation with severe consequences that cannot be ignored. Despite this though, it is also often the last resort taken by a creditor demanding payment, due to the associated legal fees.

If you find yourself in this situation it is extremely important that you understand how a winding up petition works and what it could mean for your business.

The Next Logical Step

Often, a winding up procedure is the next logical step for creditors that have failed to make contact with you on several different occasions.

Even if they have been in contact in the past, if your creditors have little confidence in your ability to make payments they will pursue a winding up petition. This will prevent your business from selling any assets and your accounts will be frozen.

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