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What Is A Winding Up Petition?

Last updated: August 12, 2021

The quick answer

A Winding Up Petition is a legal document and is served on a company that owes more than £750. It will eventually lead to the winding up of the company forcing it into liquidation if it does not pay the debt or deal with it in an alternative way.

In more detail

If a winding up petition is served on you and not dealt with quickly it can lead to your bank account being frozen and your company being forced into liquidation. If your company goes into liquidation you will lose control of it and it will cease to trade.

A bankruptcy petition is the name of a petition on an individual who is not a limited company. The limit for a bankruptcy petition increased to £5,000 from the 1st October 2015.

There are various options open to you when you receive a petition. These are:

  • Pay it off.
  • If it is wrong dispute it. You may need a solicitor.
  • If it is correct and you want to go into liquidation then maybe let the petition run.
  • If it is correct and want to save your business then seek professional advice from a Licensed Insolvency Practitioner like us on how to stop it.

If in doubt it is always worth taking some initial insolvency or legal advice.

tip

If you need insolvency advice the earlier you talk to someone like us the better as you will have more options. We can help, contact us today.

More questions in this section

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Are Insolvency Practitioners Regulated?

Are Insolvency Payments Taxable?

How Long Does Insolvency Last?

What is an Insolvency Practitioner?

How To Know If Your Business Is Insolvent?

Insolvent Trading – What can happen to my Business?

Is Insolvency A Breach Of Contract?

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Author: David Kirk - ACA FABRP
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Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott (December 2021)
Kirks and their team recently advised me on the Members Voluntary Liquidation (‘MVL’) process. They made it very simple for me to understand the process, they kept me up to date with progress throughout the liquidation and expertly answered any queries I had. All interactions with Kirks were highly professional and it gave me confidence that my liquidation was safe in their hands. They promised a straightforward process and certainly delivered – I highly recommend the team at Kirks to assist with your MVL.
Daniel (October 2020)
Kirks provided a very efficient and cost effective service. They offered support and advice throughout the process and made prompt payments. It was a very professional and helpful service.
Richard (September 2020)
We have just had the pleasure of working with Kirks, to complete the closure of my company, everything went smoothly and professionally. I would recommend this company and the staff very very helpful and quickly finalised everything. Thank you Kirks.
Carol Hill (November 2019)
I found you very professional in all my dealings with you. You were knowledgeable and dealt with my case expediently. You answered all my queries on the way in full and everything happened as you said it would in he time frames you outlined in the very beginning. I would have no hesitation in commending you and your company to others
Allan M (May 2019)
We appointed Kirks to manage the process of an MVL when we had ceased trading and found their service to be very straightforward and thorough. A fixed fee arrangement provided us with reassurance and David explained the process clearly to us at the outset. A very professional service all round
David Mills (April 2019)DM digital Solutions
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Anon (April 2019)
I have found Kirks Insolvency to be very reliable in terms of their dealings with us as their customers. They are clear in terms of the process and what it entails and are very prompt when it comes to communications. I would recommend their services.
Michale P (March 2019)
I was very impressed with the speed and efficiency with which Kirks undertook the MVL and their help and assistance in explaining the process and resolving any queries.
Anon (March 2019)
Before meeting with Kirks, I had already met with a number of other insolvency practitioners none of whom I considered to be as clear cut and up front as David. The liquidation was executed quickly and professionally and I really am happy that I have done it.
Anon (February 2019)
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Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott (14th December 2021)

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