Winding Up Petitions
Debt Recovery- How To Recover From a Limited Company
Dealing with outstanding debt from a limited company can be a challenging process. As a creditor,it’s essential to understand the steps and strategies to recover what is rightfully owed to you. In thisblog, we will explore effective methods to navigate the ins and outs of recovering debt from alimited company. Before initiating the debt recovery…
Read MoreLondon Gazette Advertisement: Maximise A Winding Up Petition
Facing the complexities of insolvency and winding up proceedings can be overwhelming. One crucial step in this process is advertising the winding up petition in the London Gazette. In this article, we will explore when to use a London Gazette advertisement and the importance of getting it right. As a trade magazine specializing in company…
Read MoreA Winding Up Petition- What Is It?
Creditors often find themselves in challenging situations when debtors fail to honour financial obligations. If a creditor believes the debtor company is insolvent and ought to be wound-up, then they can issue a winding up petition. However, it is important to note that a winding up petition is not a step taken lightly; it emerges…
Read MoreEnd of temporary insolvency measures
Last week, the Government withdrew the temporary insolvency measures introduced two years earlier to support businesses during the Covid-19 pandemic. Creditors could obtain winding-up petitions under the temporary legislation (enacted as part of the Corporate Insolvency and Governance Act 2020). However, the debt threshold for winding-up petitions increased to £10,000 and creditors were compelled to:…
Read MoreLaws for winding up orders need more clarity
Entrepreneurial small business owners should be overjoyed with Government plans to increase the debt threshold for winding-up petitions to £10,000. The move is in harmony with new protections and laws designed to support businesses. Temporary measures introduced last year under CIGA 2020 will be replaced from 1 October to 31 March 2022. Subsequently, more debtor-friendly…
Read MoreCreditors vulnerable without winding-up petitions
The UK Government’s decision to extend the temporary restrictions on statutory demands and winding-up petitions for Covid-19 related debts until 31 December 2020 offers some reprieve for hundreds of thousands SMEs. However, statutory demands and winding-up petitions are essential to debt enforcement and insolvency proceedings. Consequently, it’s difficult to fathom how prohibiting creditors from engaging…
Read MoreWhy statutory demands and petitions are essential
It can be argued that by restricting the filing of statutory demands and winding up petitions for Covid-19-realted debts, the Government has targeted all industry sectors with a blunt instrument. Covid-19 did not adversely affect every business in Britain. Indeed, many continued to operate throughout the lockdown period, and some of them thrived. We need…
Read MoreCongested courts the only option for debt enforcement
While the restricted use of statutory demands and winding-up petitions will provide a lifeline for many struggling companies, the move also forces creditors chasing overdue debts into an already overburdened court system. As it stands, the only remedy to enforce payment of a debt is through a High Court enforcement officer. You may send out…
Read MoreStat demands and winding-up petitions post Covid-19
The Government’s decision to suspend the filing of Statutory Demands and Winding-up Petitions is a huge blow for creditors seeking to collect payment of outstanding debts. As a result of the Corporate Insolvency and Governance Act, a creditor’s only debt enforcement remedies are through the county court via either a bailiff or a third-party debt…
Read MoreMistakes to avoid when issuing a Winding Up Petition
When issuing a Winding Up Petition, it’s integral that every piece of information that identifies the company is correct. To be successful, your application must include the following accurate information: Company name Registered office address Company registration number information Shareholder information (aggregate number and value of issued and paid up share capital). A lot of…
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