Winding Up Proceedings
Our solicitors are vastly experienced in assisting individuals and companies of all sizes to facilitate and advise upon Winding Up Proceedings. At Blackstone Solicitors, we are able to advise many different types of client on the process involved, no matter the complexity of the circumstances being considered and the nature of the debt recovery.
For more information about how our team of corporate solicitors can help, contact us on 0345 901 0445 or complete our online enquiry form and a member of the team will call you back at a convenient time.
You can apply to the court to wind up a company if it cannot pay its debts. This is also known as compulsory liquidation. In order to carry this process out, the company must owe £750 or more and is not capable of paying its debts.
If the application to the court is successful, the company’s assets will be sold, any legal disputes are settled, the company will collect any money it is owed and funds are paid to any creditors. The legal costs paid by the petitioning creditor that winds up the company are payable from the company’s assets as a priority.
It is important to consider that you might not receive all or even any of the money that is owed.
Blackstone Solicitors are known for our efficiency, attention to detail and ability to get things done; qualities much needed when addressing winding up proceedings. We will provide professional, pragmatic advice based on our years of experience in this specialist area.
Our team will do all that is necessary to ensure you are properly and robustly represented in any claim and will put your interests first at all times. The procedure can often be highly technical and we will ensure you are in the best possible position for a successful outcome.
Why Legal Help is Important
Winding up a company should not normally be considered at the first sign of a dispute. In this instance, it is advisable to obtain a judgment first.
If there is no response to the statutory demand or if execution of a judgment has been returned unsatisfied then a winding up petition may be issued. The court will endorse the winding up petition with a hearing date that is usually about 8 weeks from the issue date. In the time between the issue date and the hearing, the creditor will have to serve the petition and then advertise it. Once advertised other creditors may learn of the petition and seek to support it.
At the hearing of the winding up petition the court will decide whether or not to make a winding up order.
The process can be complex, potentially stressful and can be considered to be
incredibly important. It can have an impact on you and your business, both in the short and long term – it is therefore imperative that you have the best legal experts at your side, not only to ensure everything progresses as it should, but also to make sure both you and your business benefits from the best possible terms of any agreement.
Once the petition has been served we will then arrange for the advertisement of the Petition in the London Gazette. More often than not, the threat of advertising forces the company to pay the debt, because if the petition is advertised at that point the company’s bank will freeze its accounts.
Whatever the circumstances are of the winding up proceedings, we ensure full compliance with corporate laws and regulations, so that you can be sure that the process is addressed on a firm financial and legal basis.
We will work with you to ensure all financial and legal aspects of any winding up petition is properly managed. We are able to assist with any aspect of this and will guide you through the technicalities in a clear and concise way. We have a team of experienced solicitors well versed in the process who are ready to assist you.
Get in Touch
Find out more about our services and how our commercial litigation solicitors can assist you and your business by getting in touch. We have offices in Cheshire and London and are able to serve clients across the North West, including Chester and Manchester, as well as throughout the UK and also overseas.