Real solutions to resolve company debt problems
call free 0800 8 40 40 42
How to stop winding up
If your company has been threatened with winding up or you have received a winding up petition, you must take action immediately.
There are various business rescue options that you can consider:
- Company Voluntary Arrangement (CVA)
- Pre Pack Administration (Phoenixing)
- Voluntary Liquidation
- Company Administration
Where to start
- Find a solution - use the Solution Calculator to get a FREE REPORT
- Get expert advice direct from the Online Forum
- Call us now so that one of our experts can help you start the rescue
If your company has been threatened with winding up, call us NOW
Solution Calculator
Find out how by answering a few
simple questions starting below:
simple questions starting below:
1) Do you have cashflow problems?
Other Essential Info
Challenging a Statutory Demand
If your company receives a statutory demand for payment, you have 21 days within which to settle the debt or come to a payment arrangement with the creditor.
If you do not do this, it will give the creditor the right to apply to the High Court for a winding up petition.
If you wish to challenge the validity of the statutory demand, you will need to employ a solicitor to help you. Associated fees should be paid by the company if it has sufficient funds. Alternatively these would have to be paid by the directors.
If your company has been threatened with winding up, call us NOW
Challenging a Winding Up Petition
Once a winding up petition is granted, the company has 7 days to pay the debt or come to a payment arrangement with the creditor. If this is not achieved, then the petition will be advertised in the London Gazette. The winding up process has then legally begun.
Whether the debt is then paid or not, the winding up hearing at the High Court will still take place.
If the directors which to challenge the winding up petition, they can do so at this hearing. Any legal costs will normally have to be borne by the directors as the company accounts will have been frozen.
Remember, once a winding up petition has been issued, it may still be possible to rescue the company by implementing a CVA or applying for Company Administration. If either of these solutions is put in place, all legal action against the company from its creditors including winding up procedures will be stopped.
If your company has been threatened with winding up, call us NOW