Winding Up Petitions
Obtaining an Injunction to Restrain the Presentation of a Winding-Up Petition: A Vital Step for Your Business
The presentation of a Winding-Up Petition can have devastating consequences for your company. If not addressed swiftly and appropriately, it can tarnish your business’s reputation and, in the worst-case scenario, lead to its demise. Faced with a statutory demand for debt, your company must act fast to prevent the presentation of such a petition. At…
Read MoreUnderstanding the winding up petition: A crucial tool
In the world of insolvency, a winding up petition holds significant importance. When a company has received a statutory demand (SD) and fails to raise a legitimate dispute or make payment, the creditor can proceed with a winding up petition. This article delves into the essence of winding up petitions, their process, and the implications…
Read MoreHow to obtain winding-up orders and petitions in 2022
Following the lifting of the Government’s CIGA 2020 restrictions last month, creditors are once again free to present winding-up petitions to insolvent companies that owe £750 or more. Subsequently, we thought you’d like some tips and advice on how best to utilise winding-up orders and petitions in 2022. You should move swiftly against any company…
Read MoreInsolvency and debt recovery specialists
Last month, the Government lifted the insolvency restrictions introduced to combat the Covid-19 pandemic. In particular, the repeal of Section 10 of the Corporate Insolvency and Governance Act 2020 (CIGA) should please creditors. Creditors were still able to obtain winding-up orders. However, Section 10 of the act compelled them to: Only pursue debts of £10,000…
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 More