- How to stop winding up
- What is Winding Up?
- When to use winding up
- How is a company wound up?
- What happens to the wound up company?
- What happens to directors?
- What happens to employees?
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
If you receive a winding up petition or are threatened with one
ACT NOW or risk losing your business
Where to start
Solve your company debt problems NOW - Call us
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.
Got a winding up petition? - Stop your company being wound up.
Call us now for further help and support