Winding Up Proceedings
Our dedicated team of winding up solicitors can assist with advising on winding up proceedings for the creditor or assisting a company facing a winding up petition from a private entity or public entity, typically being HMRC.
A winding up order is a court order that places an insolvent company into compulsory liquidation in order to liquidate all the company’s assets to repay creditors. The winding up of a company is only available when its debt has exceeded £750 and there is evidence that the company is unable to pay its debt as and when they fall due.
A winding up petition can be raised by anyone once they have established they have an uncontested debt which will usually arise from a statutory demand or unpaid judgment.
HMRC present petitions against companies who cannot pay their VAT, corporation tax or PAYE.
What is the process of a winding up proceeding?
Winding up proceedings usually begin by serving a statutory demand and waiting 21 days to see if the company pays. Failure to pay the debt or failure to dispute the demand therefore deems the company unable to pay its debts. A winding up petition may then be served. However, a statutory demand is not compulsory and a creditor can decide to present a winding up petition without serving a statutory demand. The court will usually hear the winding up petition around eight weeks from when it was issued and decide whether to issue a winding up order or not.
Prior to proceeding with a winding up petition, advice should be sought on the impact it can have on recovery and whether it is the most appropriate remedy.
If you are faced with winding up proceedings, we understand that it can be a frightening time for any company, therefore seeking legal advice at the earliest possible time is vital. Our winding up solicitors are sensitive to the stress of receiving a winding up order and are dedicated to resolving winding up proceedings as swiftly as possible.
Understand more about what to expect when facing a winding up petition and the 9 things you need to consider.
If you are facing the possibility of a personal guarantee being called in, you should take legal advice as soon as possible. Read more about personal guarantees following corporate insolvency.
Speak to an experienced solicitor today
Lincoln & Rowe specialist winding up solicitors can defend you if you have received a winding up order or petition, or if you would like to issue one. We strive to provide our clients with concise, clear and practical legal advice on the most complex legal issues. We help companies that are facing winding up orders by offering experienced and confidential legal advice and are specialists in winding up and insolvency proceedings.
Make an online enquiry, send an email to email@example.com or call us on +44 (0)20 3968 6030.
Who we can help
We understand the need for fast and professional advice when insolvency issues arise. We pride ourselves on our approachable team of solicitors offering support on a range of insolvency matters. We take appropriate action to protect our clients, their business or their assets, wherever and however possible.
Where can you find us?
Lincoln & Rowe Solicitors are based in the heart of London and just a few minutes’ walk from the Royal Courts of Justice. Our full address is 81 Chancery Lane, London WC2A 1DD.