Winding Up Order
Free Face to Face Meeting and Advice - Directors Advice Line 0800 063 9221
Receiving a winding up order can have serious consequences for you and your company. Call us immediately on 0800 231 6040. Time is of the essence.
A creditor who is owed £750 or more has the right to issue a winding up petition through the courts against your company. Once this application is received at court you will be notified in writing.
To apply for a winding up order the issuing creditor will have to prove that they have previously made steps to recover the debt unsuccessfully.
A winding up order will give you a set period of time to pay the debt in full, dispute the claim, or come to an agreement with the petitioning creditor to repay the debt.
A successful winding up order application will result in your company being dissolved at companies house, and an advert appearing in the London Gazette.
This can result in
- Your company being dissolved at Companies House
- The Companies Bank Account being frozen or banking facilities such as overdrafts withdrawn.
- Personal liability for debts falling due upon you personally.
- Loss of trade
- Public knowledge of events
- Company assets being seized and sold to realize monies for your creditors.
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