Winding Up Petition

Winding up Petition Advice For Company Directors & Business Owners

If you have been served with winding up petition because you owed money then you have come to right place for advice and support.

We know your time is precious and no one likes reading lots of content. But in 5 minutes of reading, what you will learn could save your business by eliminating or reducing your business debts and in turn change your life forever, Interested? 

WARNING: 

“Do not take a winding up petition lightly as it could erode everything you have worked for.”

If You Do Noting – Your Company and you as company director can face serious consequences.

We understand that as a business owner you have worked day and night to ensure your business is successful. But sometimes even the most successful businesses face situations which are outside of their controls like the recession, the banks not being helpful right through to your competitors.

Good news is even at this late stage in time you have options:

- Stop the winding up petition

- Stop Creditors hassling you

- Start a New Company

Now the question is HOW!!!

Winding up Petition have different stages and in order to deal with them correctly and promptly we have created this short video for you. The video will empower you with a clear understanding of the options that might be open for your company and what you will need to do next.

Now that you have watched the video, it’s time to seek professional help. You need someone who will be on your side and not your creditor’s side.

Moe Nawaz has been helping businesses like yours since 1989 and is known to be the most trusted insolvency auditor in the UK.

Listen to some of the testimonial videos of business owners who were in the same position that you are in now and how they found the solutions.

 

                             

     Andrew Thompson                     Kathy Peterson                                Matthew Taylor 

Some Email Testimonials:

Just thought I would let you know that when I first called your helpline, you were not able to help me with my financial problems. But, I must have phones your team at least 20-30 times over 4 months and each time you always gave me good advice. My first thoughts were that you were just another so called helpline who did not care unless I had money to pay you. But you have proved me wrong. So thank you. Martin Beal. Nelson Lancashire 

 

You guys have no idea how much you did for me and my wife by solving our business problems, and I want to thank you…for answering all my questions, working with a plan that you put together for us, we were able to go forward and get the money from the bank to allow us to grow in the last 2 years. I thank God for your services, and I would not hesitate to refer anyone to Moe Nawaz and his team…Thank you so much (again). God bless! 
Gwyneth & Paula Paltrow, Hyde Park – Leeds

 

Just wanted to say thanks for the help you have given me over the past four years. It has been a great experience for me, and I have learned a lot with your help. My goal now is to continue using the payment I was making to you to pay off my house much faster than the original mortgage term. Eliminating my debt seemed so insurmountable when I began, but I now know that it takes discipline to make debt go away. Enclosed is my final cheque to pay off my final credit card. That really feels good! If you ever want a testimonial, count on me. Rob Feaford, Chelmsford Essex

 

My wife and I wanted to say a huge “THANK YOU Moe!” for helping us. We have become accustomed to the customer service of ukadvice being professional and cooperative, but we feel that your kindness went above and beyond the call of duty. The ease at which you arranged the Liquidate of our company and all its problems in one go. We have no hesitation in referring our business friends in need of help to your door. Your service is always excellent. We just wanted to send a note of thanks to make the sentiment clear to you Moe, that you have a wonderful team. John B.Casper, City – Birmingham

You have been served with Winding up Petition so don’t delay and Call Moe’s office today on 0800 24 0800.

 

It will cost you nothing to pick up the phone and call Moe’s office for Free, friendly, honest and confidential one to one chat.

Moe only take 4 cases a month so he can deal with them promptly and efficiently. But he is always open to take calls to give you humble and friendly advice or to put you in the right direction which you don’t get now days from someone as experience as Moe, Correct?

Winding Up Petition Advice & Helpline For Directors 0800 24 0800

If you are still not sure and would like to know more then please continue reading…

What an Insolvency Auditor Can Do For You?

Wipe out or reduce VAT and Inland Revenue debts for your company

 

Help liquidate your company and start a new one without the liabilities

 

Arrange finance or introduction to private investors

 

Explore options of Bankruptcy, Liquidation, Administration or Pre-Pack

 

Minimize your directors liabilities or eliminate them

 

Stop court order and bailiffs’ from further action 

 

Cash refund up to 40% of your losses in your company

 

It is important that you take professional advice to reduce your personal and the business liabilities right now before it is to late.

The presentation of a winding up petition has serious consequences for the directors and the company, but before we go any further let me give a case study of what can be achieved with professional advice. How To Stop A Petition

Case Study 

Company "A" had 38 retail stores selling household furniture with sales declining daily and unable to pay its bill as they fell. The company was presented with a winding up petition due to unpaid Inland Revenue and VAT debts.

 
 The company had a combination of freehold and leasehold stores in prime retail sites across the country. The company employed a workforce of 260 people on its payroll. A final decision had been made to place the company into Administration before the winding up petition date for this we needed permission of the courts which we obtained on the grounds that there was a better chance of greater dividends going down the administration route than the winding up order and compulsory liquidation route for all the creditors and the employees of the company. The courts accepted the plan and gave us 6 weeks to come back and report further progress.
 
Within the 6 week period deep cuts were made to staffing numbers and closure of stores that were not profitable. 11 stores were kept and the rest were sold or leases terminated, the 11 stores were the ones that were making good profits and allowed the company to grow without the losses which it had been getting every trading day before the winding up petition and us getting an administration order in place to protect the company.
 
By the time we had restructured the company the creditors all agreed to accept £0.40p in every pound owed which allowed the company to continue trading more profitably. Once the administration order had run it's course the company was then liquidated. 
 
The above case demonstrates what can be achieved if experts are brought into the picture earlier rather than later on in the winding up petition process.  Now back to further information about winding up petitions and some of the consequences.
 
 The presentation of a winding up petition has serious consequences for the viability of your company and these are detailed below:

Protection of assets between petition and order 

Once the winding up petition has been presented, a date is set for a court hearing at which the petition will be heard and a winding up order made against your company. A considerable time may elapse between the presentation of the winding up petition and the hearing for the making of the order.  

 
You should make use of this time to seek professional advice on the options open to you and your company, you can call the business helpline on 0800 24 0800 for free and confidential advice before it’s to late.
 
In general, your company should be allowed to continue to trade in that period but the creditors need to be protected against possible disposal of its assets. Your actions as a director are therefore under great scrutiny in this period of time and the ability to trade effectively can be impaired due to the impending hearing being at the forefront of your mind.

Individual of disposal of assets 

Unless the court orders otherwise, any disposal of your company’s property, alteration in the status of its members or transfer of shares after the commencement of the winding up petition is void. The purpose of this provision is to preserve the value of the assets of a company for the benefit of persons interested in those assets. 

Provisional Liquidators 

At any time after the presentation of the winding up petition the court may appoint the Official Receiver or an insolvency practitioner to be the provisional liquidator of the company.  The primary reason for such appointment is usually to safeguard the assets pending the winding up hearing. Since an appointment anticipates the making of a winding-up order this appointment is usually made only with the consent of the company itself or in a clear case of insolvency.

Compulsory winding up petition / liquidation takes away control from you as a director of the company and it is important for you to take control of the situation and be in control of your own destiny.