This letter is mainly to be self-written but towards the foot you will note that it says “A statutory demand was served on the company. More than X months have elapsed between the service of the statutory demand and the presentation of this petition.” Effectively, they are saying ‘you have been warned’ and now this is what’s happening...
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If you have received a winding up petition, it shouldn’t come as a surprise. It is the result of your company being unable to pay its creditor(s) who has simply said enough is enough – this company should be liquidated as it clearly cannot meet its liabilities.
Any creditor can make an application for Court for a Winding up Order if they are owed more than £750. You will usually have received a Statutory Demand for repayment before the issuing of the petition, or the creditor will have attempted to execute judgement against you (this would normally mean having gone to Court to obtain a CCJ and sent in bailiffs to recovery goods). Failure to respond to the Statutory Demand, or unsatisfied judgement execution often results in a creditor then making an application to Court for a Winding up Order.
We have a section on winding up petitions which will make for vital reading. You should also talk to a licensed insolvency practitioner as soon as possible – you can do this free of charge in a one-to-one setting at your nearest Real Business Rescue office. Time is really of the essence.
16th September 2019
There was around a 25 per cent increase in the number of restaurant businesses entering insolvency over the course of the year to June 2019, according to the latest figures on the subject.Read More