In More Detail
If you don’t deal with the winding up petition, then on the date of the Court hearing your limited company can be wound up which means it goes into Compulsory Liquidation. The Official Receiver is then appointed liquidator.
You don’t need to attend the hearing in person. You might however want to or appoint someone like a solicitor to attend to represent you if the claim is disputed or you are asking for an adjournment.
Be aware that in any event all ‘dispositions are void’ once the winding up petition has been issued. This means all bank payments and assets sales are invalid and will be reversed if you subsequently go into liquidation.
The most frequent user of a winding up petition in the UK is HM Revenue and Customs for unpaid taxes.
A Word of Advice
If you conclude the liability is due and you would rather have some control over the closure of your company then you can choose us to be the liquidator. We are usually a quicker process than a winding up petition by the Court.
