Winding up Petition

Winding up Petition FactsAny director that receives a winding up petition will require a stiff drink upon returning home. It’s a sobering document that requires a drowning of sorrows.

When all that’s done, it’s time to sort it out.

You have a minimum of 7 days after the winding up petition has been served upon you before the petition is advertised in the London Gazette. When this happens, every man and his dog will know about it.

That includes your suppliers and your bank. Your suppliers will stop supplying you and may even support the winding up petition and your bank will freeze your bank account or appoint an Administrator.

Handy bit of paperwork that winding up petition. Oh, and your telephone will be ringing off the hook after 3.30pm on the day of the advertisement until the petition hearing date. One of the calls will be from us.

You will receive ten trees worth of paperwork offering help – again, one will be from us.

So, if you have the money then pay off the winding up petition before it gets advertised and nobody will be any the wiser.

If you have not got any money – or enough to discharge the debt, then speak to the petitioning creditor and see if you can reach a deal.

You will need to pay a fat deposit followed by generous lumps over two or three months for this to be accepted. Don’t wait to do the deal at the last minute or you won’t be taken seriously.

If you have very little available money but want to keep the business and believe that you could trade through, then contact TaxGone to assist with proposing a Company Voluntary Arrangement.

Winding up Petition Act Now


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