Winding Up Petition
“received a petition? It’s not too late”
Even if you believe you might receive a winding up petition rather than actually received one then action is needed urgently.
A winding up petition is made by the courts to literally wind up your company, usually because you have defaulted on payment to a creditor.
It’s late but not too late to take action. After a petition has been raised you cannot put your company into voluntary liquidation, nor can you sell the company or its assets. However it may not be too late to seek an CVA unless of course you can seek to defend the petition legally.
In this situation you must seek professional advice immediately. Don’t wait until the petition arrives – Act NOW
Will it go away? No it won’t.
Your business bank accounts can be frozen, probably causing you to cease trading, the petition can be advertised in the press, and eventually a winding up order will be made, and your business end up in compulsory liquidation. Act NOW.