Winding up petition: Act now and save your business

Are your creditors trying to close your business?


McTear Williams & Wood can help you get your business and finances back on track. Discover the options available to you – call us now on 0800 331 7417.

If you have been served with a winding up petition this can be extremely distressing. However, you are not alone. McTear Williams & Wood have helped dozens of businesses recover from this situation and return to full solvency. A creditor can make an application to the Courts to wind up your company if they are experiencing problems recovering debts of £750 or more. HMRC is the most likely such creditor. It is important to act quickly as the consequences of a winding up order start from the moment it is filed in Court. This could potentially impact any payments made to your suppliers and creditors.

How can McTear Williams & Wood help you?

At McTear Williams & Wood our team of expert advisors can help you deal with the winding up petition. This includes the following services:

  • Financial health check – is your business still viable or is it better to cease trading? Our experts help you examine your business and provide an objective assessment.
  • Negotiate with the petitioning creditor – either directly or behind the scenes, to start providing a resolution to the most immediate problem.
  • Adjourn the petition hearing – to delay credit agencies from receiving details of the petition, as notification could have a negative impact on your ability to do further business.
  • Fight the petition and help pay your creditors – if your business is still viable, our experts may be able to demonstrate to the Courts that you can pay your creditors.
  • Apply for a validation order – so your company can continue trading during the winding up petition without potentially damaging your business relationships.

Why act now?

If you fail to deal with the winding up petition a winding up order will be made and control of your company will pass to the Official Receiver who will liquidate your company’s assets and may seek to disqualify directors from acting in the future.

Call McTear Williams & Wood on 0800 331 7417 whilst you still have options.

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