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ARTICLE · 26 FEBRUARY 2019

The Basics: Responding To A Winding Up Petition

Gowling WLG
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What should your company do if faced with a statutory demand or a winding up petition? Time is of the essence where there is a threat of formal insolvency proceedings. If a winding up petition

United KingdomInsolvency/Bankruptcy/Re-Structuring
Alex Jay
Alex Jay
Kanika Kitchlu-Connolly
Kanika Kitchlu-Connolly
Ashley Pigott
Ashley Pigott
Teresa Edwards
Teresa Edwards
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What should your company do if faced with a statutory demand or a winding up petition? Time is of the essence where there is a threat of formal insolvency proceedings. If a winding up petition is being threatened it must not be ignored. The consequences that can flow once a winding up petition has been advertised can be devastating, both to the company's reputation and its financial position.

We identify some of the key considerations and steps that should be taken immediately so as to reduce any damage that a winding up petition can cause.

  • What is a statutory demand / winding up petition?
  • What are the consequences?
  • What if the debt is due?
  • What if the debt is disputed?

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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