Company Winding Up

Winding up is the compulsory closure of a limited company. If a winding up petition is issued there will be serious consequences for your business

Bank accounts will be frozen
Company will be forced to stop trading
Directors may be held liable for company debt

If you receive a winding up petition or are threatened with one
ACT NOW or risk losing your business

Where to start

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Solutions to stop Winding Up

Pre pack Administration

Legacy debt written off
Creditor action stopped

Company Voluntary Arrangement

No additional investment
No directors disqualification report

Voluntary Liquidation

No significant upfront investment required
Cash freed to run new business

Administration

Creditor action stopped
Business can be restructured

I have a winding up petition – what should I do?

The winding up process starts when one of a company's creditors applies to the court for a winding up petition. This will normally take place against the wishes of the company directors.

If a winding up petition is issued there will be serious consequences. Your company's bank account will be frozen and its ability to trade severely limited. If you do not take action, it is likely that your company will be closed.

If your company has been threatened with winding up or you have already received a winding up petition, you must take further advice immediately.

A winding up petition will be advertised in the London Gazette and your bank account will be frozen. To prevent your company from being closed, you will have to attend a hearing in the High Court which will be costly and inconvenient.

If a winding up order is granted by the court, a liquidator will be appointed and your company will be closed. You employees will be made redundant.

As a director you will be investigated for wrongful trading. If you are accused of wrongful trading, you may be disqualified as a director and held liable for some or all of the company's debt.

The sooner you act, the more likely it is that you will be able to save your company.

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