What does winding up petition mean for the company?

What does winding up petition mean for the company?

WINDING UP PETITION

Have you been threatened by a creditor with a winding up petition or maybe have had a winding up petition served on your company?

What does winding up petition mean for the company?

The biggest number of winding up petitions being issued are by HMRC for none payments of tax for VAT, PAYE or corporation tax. Some company directors are smart enough to seek professional advice as soon as they know there is trouble ahead with company debts, they seek professional advice and end up saving their business regardless of the amount of debts to the company. Then there are other directors who wait until it is too late and the petition has landed in the post.

The early warning signs is the best time to get an insolvency auditor involved to help you plan on how best to deal with the debts and avoid the petition regardless of the size of debt or debts for your company. The other avenue open to the early warning signs person is to get a turnaround practitioner involved to help turn a viable business around. Provided you have a viable business worth saving an insolvency auditor or a turnaround practitioner will be able to help you structure a plan to save your business from a winding up petition.

On the other hand if you have not had the chance or the opportunity to seek advice and you have had the winding up petition served on you then your options are very few. One, is to fight it if you have a good defence as you have an ongoing dispute over goods or services with the creditor. Two, pay the full amount plus any legal costs before the court hearing day and have the petition discharged. Three, if you have a viable business which could be turned around then we might be able to get the courts and the creditor to agree to an administration order to save and restructure the company as this will result in returning more money than a liquidation via a petition. There are a few more options which are also open but these all depend on your financial position short term and long term.

Regardless of where in the winding up petition cycle you are there is always of finding options open to your problems provided your business is worth saving.

Most of my clients come to me seeking an umbrella once the storm has arrived on their doorstep, this is where I help them by coming out of the cold storm and having a nice hot coffee or tea and see what solutions and option we can create to save their business.

If you need professional help and advice to save your business from the storm, then give me a call on 0800 24 0800 and leave me a message with a brief description of the problems you are facing and the best time to call you back for private and confidential chat to see how we can assist you.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
Winding Up Option for Company Directors

Winding Up Option for Company Directors

WINDING UP PETITION

Is Your Business Being Threatened With Winding Up Petition?

Do you owe money to the VAT man, Tax man or other creditors & Being Threatened With A Winding Up Petition

A winding up petition is a very serious court lead legal procedure to close your company down, yes close it down or the phrase winding up states it will wind the company’s affairs up and close the business and sell off all the assets owned by the company in order to pay off the creditor petitioning.

Once the winding up petition has been issued against your company you are left with minimal choices compared to when you were being threatened by a petition. When seeking advice make sure you find a good Insolvency Auditor to help you through the legal maze of insolvency process. You see when you have a threat hanging over your company and no action has been taken apart from the threatening letter or a statutory demand you can do a number of things:

  • Pay the debts off in full
  • Ask for a payment plan
  • Arrange for a CVA which is a Company Voluntary Arrangement to repay the total debts of the company over a number of years subject to 75% of your creditors agreeing to it
  • Depending on the size of the company and the viability of the business you can arrange a Pre-Pack Administration which involved setting up a new company to buy the assets of the old company and continuing in business without any of the debts of the old company.
  • Liquidate your company by means of a voluntary liquidation and buy any assets back from the liquidator and set up a new company and carry on business without the worry of the creditors from your old company.
  • A straight forward Voluntary Company liquidation, this happens when the company is dead in the water and has no future and the directors just want to minimize their personal liabilities and that of the company’s liabilities and just walk away after the liquidation.
  • Last of all is to do nothing and wait for the Winding Up Petition to arrive which then turns into a Winding Up Order to close the company down and hand the rains over to the court appointed liquidator or even the Official Receivers Office

The above is just an outline of the winding up option to you as a company director subject to the status of your company.  A good Insolvency Auditor would ask you first of all where would you like to be in 6-12 months time if you had the choice and then plan around that what your options are to survive the insolvency and to save your business be it in its current form or in the form of a Phoenix rising from the asses of the old company. You must not ignore any threats made against your company regarding a Winding Up Petition, speak with an Insolvency Auditor before it is too late.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...
Company Winding Up Petition

Company Winding Up Petition

WINDING UP PETITION

Everyone who starts a business wants to ensure it is a success. But sometimes even the most successful businesses face situations which are eventually to be their undoing. This could be anything from bad management to a recession right through to competing businesses.

If a business owes money to its creditors and does not take the steps necessary to resolve this situation, it may be faced with a winding up petition. Read on to find out more about what this means.

What should your first move be if you are given a company winding up petition?

Your first move should always be to get fast professional advice from insolvency auditor. Do not underestimate the power of a winding up petition because it could well be the beginning of the end for your business. It is possible to stop one in its tracks, but you must seek the advice of a insolvency auditor who is experienced in these situations to discuss your options.

For example if you can immediately clear your company debt to the creditor who has initiated the winding up process you should do so as quickly as possible. On no account should you ever miss a court appearance for the petition to be heard, otherwise you can be sure the petition will be granted.

If you are able to act quickly there may be an opportunity to ward off the winding up petition and instead agree on a voluntary liquidation arrangement. Again a insolvency auditor can help to advise on this possibility.

What about an HMRC winding up petition?

This is basically much the same thing, but in this case the winding up petition is issued by HM Revenue and Customs. If your company has been unable to pay its taxes on time (this could include VAT if it applies to the turnover reached by your business) it may eventually issue a winding up petition.

The HMRC does not issue these until it has tried to attain payment in other ways. But it has been stated that they are doing so more quickly now than they have in the past. This is possibly to recoup any cash that is owed to them more quickly than it would be otherwise.

So you can see that the winding up petition procedure is a serious one – and one that you should seek help and advice for as quickly as possible.

My Personal Mission To Help Company Directors and Business Owners Out Of Debts.

moe-nawaz“As a Turnaround Practitioner & Insolvency Auditor, It’s been my personal mission since 1989 to help struggling business owners succeed by eliminating or reducing their company debts. I’ve seen and dealt with every familiar and un-familiar debt situation imaginable and you can rest assured I fully understand your pain and your sleepless nights worry about your company debts. I want you Feel free to give me a call ANYTIME to discuss your company debt situation and how I can best help you to get your life and your business back to normal.”

Call me personally on 0800 24 0800 or filling in the simple form and I will call you back for a private and confidential chat.

Contact me now...